Democracy?

"The word democracy is used loosely these days, and it is useful to remember that one of the primary reasons for America‟s early economic success was that our founding fathers recognized a distinction between democracy, which they understood as populist government with counterproductive implications for capitalism, and republican government, which stressed checks and balances, such as the Electoral College and staggered senatorial terms, designed to keep the evil forces of democracy at bay. James Madison, the father of the Constitution, writing in the Federalist Papers, said, “Democracies . . . have ever been found incompatible with personal security or the rights of property; and have in general been as short in their lives as they have been violent in their death.” After the Constitution was ratified, Benjamin Franklin was asked, “What form of government have you given us, Mr. Franklin?” His answer: “A republic if you can keep it.” Perhaps if we could have kept it there would have been no need for me to write this book.
For those of you who incorrectly believe that the United States is supposed to be a democracy, just check the Constitution. The word democracy does not appear once. However, Article IV, Section IV, reads, “The United States shall guarantee to every State in this Union a Republican Form of Government.” If you are still unclear, just recite the “Pledge of Allegiance” and listen carefully to the words." Peter Schiff from his book Crash Proof 2.0