Friday, June 16, 2017

Yankee Finance Capitalism Part III: The Creature from Jekyll Island

 
In many respects, the Trump phenomenon was the rebellion of the country party against the negligent and often malicious rule of the court.

The endurance of the system of Jeffersonian finance based upon the Independent Treasury system was remarkable given the post war transformation of the United States from an agrarian country to an industrial one.  Tariff rates had increased, large subsidies were being awarded to the railroads, and the federal government drifted slowly but inexorably toward imperialism.  The last major Jeffersonian edifice, the Independent Treasury, fell to the new Federal Reserve Bank (hereafter FRB) in 1913.

8 comments:

  1. I stayed at this resort back in 1990 off the coast of
    Georgia. And yes, the old pictures of the scoundrels
    are all over the place esp. the room they met in.
    Interesting old place.

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    Replies
    1. Is it still open?

      I stayed at what I believe was a similar one in 1965/66 and it was beautiful. Lords knows I wish we could return to those days.

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  2. Yes, it's still open. People play croquet on the front
    lawn dressed in all white.

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    Replies
    1. Sounds good to me as long as I have a bourbon and branch water in hand.:)Doubt if I'd be able to afford it these days, but the price didn't seem to be an issue at the time.

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  3. Yes, your right - those were the good ol' days. If only.....
    Some nitwits try to say those were not the good ol' days
    but they are lying - they know they were.

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    Replies
    1. I should have died in the Late Unpleasantness :) or The Vietnam War, really.

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    2. With all your grandkids around? You're blessed. It's the grandkids who are doomed, haha.

      Though doom has a way of working out.

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