When you read old — and I mean old, like nineteenth century old — American writers on money and banking, something jumps out at you: they understood things with a surprising clarity, and had a proto-Austrian conception of why the economy experienced boom-bust cycles. Suddenly it feels less lonely to believe that artificial credit creation leads to a boom that has to end in a bust. In this episode, therefore, I share some unknown American intellectual history.
Political Essays on the Nature and Operation of Money, Public Finances, and Other Subjects, by Pelatiah Webster
Organization of Debt into Currency and Other Papers, by Charles Holt Carroll
A Treatise on Currency and Banking, by Condy Raguet
Democratick Editorials: Essays in Jacksonian Political Economy, by William Leggett
A Short History of Paper Money and Banking in the United States, by William Gouge
A History of Banking in the United States, by William Graham Sumner
The Contra Cruise!
Join Bob and Tom as they set sail for Alaska, July 5-12, 2019!
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Audio by Chris Williams Audio.