09 - Understanding our Political Economy - money currency and credit i

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Lesson 9 - Money Currency and Credit - the Early U.S. Experience

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Understanding our Political Economy LESSON NINE Money, Currency and Credit The United States of America’s First One Hundred Years

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Robert Morris

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Alan Greenspan

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“… more recently, some scholars have suggested that the problems of the free banking period were exaggerated. Retrospective analyses have shown, for example, that losses to bank note holders and bank failures were not out of line with other comparable periods in U.S. banking history.”

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Edward L. Symons, Jr.

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“In some states, particularly Michigan Where more than forty banks failed before the system was declared unconstitutional, the system is better characterized as a fiasco than a failure.”

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National Banking Acts of 1863 and 1864

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The number of state-chartered banks fell to just 325

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“ … a concentration of the control of credit … may at any time become infinitely dangerous to free enterprise.”

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END OF LESSON NINE

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