Thursday, January 3, 2013

When Inexperience Pays Off: A Similarity Between Jack Lew & Alexander Hamilton

By, Chris Rossini
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Yesterday, Bob Wenzel posted on Obama's presumed choice for Treasury Sec., Jack Lew:
"Although having no prior financial background, in June 2006, after Lew left the government, he did a revolving door spin and was named chief operating officer of Citigroup's Alternative Investments unit, a proprietary trading group."
Well, Lew is not the only Treasury Secretary to fall into a crony pot of gold...(or in Lew's case, a pile of paper scrips).

The very first U.S. Treasury Secretary was Alexander Hamilton, who also had no reputation at all in the field of finance.

But Hamilton was what Murray Rothbard called "Morris's youthful disciple."

Rothbard was referring to Robert Morris, and if you're not familiar with who he was, think Koch Brothers.

Morris was instrumental in the early push for central banking in the U.S.

Yes, The Fed was not the first U.S. central bank. It is, however, the only attempt that stuck (unfortunately). Morris turned out to be ahead of his time. Americans had to be softened before such a monster would be accepted.

Morris recruited young Alexander Hamilton, who would serve as his puppet in the Washington Administration.

In years prior, during the revolutionary war, Hamilton wrote Morris a letter explaining that he agreed with every one of Morris's ideas about protectionist tariffs, corporate subsidies, and a government-run bank to finance them.

They needed a centralized government though to pull this evil off.

In 1787, they got it.

The rest is history.

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