James Madison

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On this day in 1751 was born an American, James Madison, who was the principal author of the Constitution of their new government.

He made an observation (that long ago) which might explain why American business is sitting on an estimated two trillion dollars in cash rather than verture with it into the market.

"What prudent merchant will hazard his fortunes in any new branch of commerce when he knows not that his plans may be rendered unlawful before they can be executed?"