"The end of democracy… will occur when government falls into the hands of lending institutions and moneyed corporations.” Thomas Jefferson

Going back to the days of  the founding fathers of the United States there was a schism identified-correctly or not-between the quasi-agrarians under Thomas Jefferson and the banker/industrialists under Andrew Hamilton.

The gist of the division can be best described in the quotation in today's title.  Just for the record there are differences of opinion as to whether Jefferson every said or wrote that exact quote or if it is just an amalgamation of comments crafted together into a rather neat statement.

This is not just an American argument however.  It is part of a discussion which has been with us through the ages.  Without wishing to enter into a religious discussion it was present when Jesus chased the money-changers out of the temple, and when Martin Luther rebelled against the selling of indulgences.

It is an ideological argument however with zealots on either side generally not listening to one another and illogically in my opinion  apparently unable to step back and look at the relationship between the two.

For despite the epithets one hurls at money and the people who trade in it, money makes the (modern) world go round.  Harping on about the communal lifestyles of the Native Americans or the barter societies of pre-history might be an interesting anthropological study but really have little to do with our modern-day reality.

I had a taste of this argument over the weekend when I was at a dinner and I was sat next to an 80 year old former general manager of a major chemicals company who managed to launch into a diatribe against bankers before we had had are first glass of champagne. 

I must admit I find nothing more distasteful than successful industrialists who drone on about the "real" economy as opposed to the paper pushers of finance, and yet react as if you had insulted their mother when you suggest the need for regulation in all industries- regardless of sector.

So when I read the quote ascribed to Mr Jefferson as sort of an "if only we had listened to him" plea I get a little annoyed.

I agree wholeheartedly that the finance industry exercises an outrageous control over our publicly elected officials.  But I don't blame the finance industry.  Special interest groups, be they from the left or the right are essentially able to "buy" politicians through the campaign finance laws which were recently relaxed even more!

I think Mr Jefferson as well as Mr Hamilton would not be pleased by the power currently wielded by private financial muscle, much of which is from the financial industry.  But I think they would be even more disturbed by the way the government has allowed itself to be bought.

It would be very simple to put strict controls on campaign finance, and even more importantly on campaign expenditure. 

But that would require regulation....