September 4

Ep. 0026: A History of the US Dollar Part 2

We continue with our non-consecutive mini-series on the history of the US dollar, which has changed repeatedly over the centuries.

Join Prof CJ as he discusses:

  • How, in the aftermath of the Revolutionary War Continental Dollar inflation, most of the Founding Fathers were soured on paper money, and took the opportunity of writing a new Constitution to reinstate a hard money (specie) standard
  • The loopholes that remained within the system even after hard money was written into the Constitution that allowed the banksters to still inflate to their own advantage
  • The Coinage Act of 1792 and its effect on the definition of US money
  • How banks (especially central banks) still created some inflation thanks to the ‘magic’ of “fractional reserve banking”, and also sparked business cycles – though by today’s standards the US dollar’s value was remarkably stable overall
  • How the not-so-Civil War spelled changes in American money that were just as dramatic as the changes the war wrought in so many other arenas, with the Union experiencing high inflation, and the Confederacy experiencing hyperinflation

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Posted September 4, 2014 by profcj in category "American History", "Economic History", "Podcasts

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