Thursday, June 7, 2018

Default number one:

Robert Morris saw a national, for-profit, private monopoly following in the footsteps of the Bank of England as necessary, because previous attempts to finance the Revolutionary War, such as continental currency emitted by the Continental Congress, had led to depreciation of such an extent that Alexander Hamilton considered them to be "public embarrassments.

Central Bank failure, default number 2:



Consequently, when First Bank of the United States’ charter came up for renewal in 1811, it was met with a great deal of opposition from state banks and the renewal legislation was not passed.[3]

And so on. All monetary regime changes, all with an implied devaluation, a bank closure when liabilities likely exceed assets by too much, or political graft:
During September 1833, President Jackson issued an executive order that ended the deposit of government funds into the Bank of the United States. After September 1833, these deposits were placed in the state chartered banks 

No comments: