Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
One can't address revoking the bank charter, the 1830's, and President Jackson without bringing up the massive inflation, the RE bubble, and subsequent depression.
Which was caused by the National Bank inflating the money supply which is one of the reasons Jackson cited for ending it.
The Bank of the United States, which increased its notes and deposits from January 1830 to January 1832 from a total of $29 million to $42.1 million, a rise of 45.2 percent.
The total money supply had risen from $109 million in 1830 to $155 million a year and a half later, an increase of 35 percent.
The total money supply had risen from $109 million in 1830 to $159 million in 1833, an increase of 45.9 percent, or an annual rise of 15.3 percent.
Then Greshams Law took hold as an inflow of Mexican silver coins into the United States, caused by the minting of debased Mexican copper coins which the Mexican government tried to keep at par value with silver.
The total money supply rose from $150 million at the beginning of 1833 to $267 million at the beginning of 1837, an increase of 84 percent, or 21 percent per annum.
The US government and the Mexican government inflating the money supply.
It didn't help when England, fighting their own inflation by using credit contraction in late 1836 caused a bust in the American cotton export trade in London.
Last edited by Loveshiscountry; 07-11-2014 at 10:12 AM..
Don't even bother debating someone who is in favor of central banking. They are lost and less deserving of life than rats. It doesn't take much brain power to understand why central banking is a bad thing for liberty so you can't sympathize with this vermin.
"Concentration", is not defined as ONLY, my friend.
Concentrated.
There are millions of people concentrated in NYC. So basically that point you are trying to make is hollow and doesn't actually actually mean anything.
" . . . central banking is a bad thing for liberty . . . ." Please explain how the nation and the economy would function without central banking. Also, please tell us when you last withdrew cash from the auto teller from your central bank. All of us who love liberty are waiting for your answers.
Everything Andrew Jackson warned about and fought against, has come to do exactly what he said it would.
AJ would certainly have a lot to yell about. Slavery was the source of his wealth. His 1000+ acre plantation grew cotton as its sole cash crop. At the time of AJ's death, he owned 150 humans.
Imagine his reaction upon learning that slavery had been abolished and it was more cost effective to buy cotton from the third world than grow it here, in the U.S.
This all represents the disconnect of people who think that somehow that life was better in the horse-and-buggy days, when we didn't have electricity, or computers. The truth is that life was simpler then, but, in many respects, not better. (Things are never so bad as they were in the "Good'Ol Days".)
The simple truth is that we can't have commerce today without centralized (and regulated) banking. Indeed, without banking, we can't bank on anything.
aj would certainly have a lot to yell about. Slavery was the source of his wealth. His 1000+ acre plantation grew cotton as its sole cash crop. At the time of aj's death, he owned 150 humans.
Imagine his reaction upon learning that slavery had been abolished and it was more cost effective to buy cotton from the third world than grow it here, in the u.s.
So long as my pension fund and the SS system annoy a whole lot of electrons in my Bank and my stock traders do the same and I can do likewise to buy food, electricity, gasoline and medical services I could not care less how in H*** the system works.
Money is what ever we agree it is. Some of us will always start with more and use that advantage to end up with a lot more. That is just the "Way things are" and have been forever. No wonder Jesus Christ became angry with the money lenders fouling the Temple. They foul all the Temples except Mammon's.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
