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Luxas
2w ago
QE was not around in 1800/1900s and is a fairly new thing as of the early 2000s.
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npub1asyas
@npub1asyas
1w ago
The panic of 1819 grew largely out of the changes wrought by the War of 1812, and by the postwar boom that followed. The war also brought a rash of paper money, as the government borrowed heavily to finance the conflict. The government depended on note-issuing banks spread throughout the country. All of this put tremendous strains on the banks’ reserves of specie held against such notes. This would inevitably lead to suspension of specie payments in some parts of the country in 1814.
Freed from the shackles of hard money, the suspension of specie led to a boom in the number of new banks started in the country, and a subsequent boom in note issuance. The war altered the economic pattern of production in a way very different from what would have evolved in the absence of war, and thus it placed the economy on a sandy
Freed from the shackles of hard money, the suspension of specie led to a boom in the number of new banks started in the country, and a subsequent boom in note issuance. The war altered the economic pattern of production in a way very different from what would have evolved in the absence of war, and thus it placed the economy on a sandy
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npub1kgpcw
@npub1kgpcw
1w ago
You don't need QE to print more money...
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Luxas
@Luxas
1w ago
Did I say you did?
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