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A rousing quote from a genocidal madman who didn't understand finance and crippled the US economy for nearly a hundred years.

by c3534l 10y ago

terravion 10y ago
Genocidal I can grant, but we are talking about bank policy here. It seems that all evidence says that the 100 years after Jackson were objectively some of the most economically dynamic for the United States, especially in comparison to Europe or any other place in the world during that period. How was the economy crippled?
- c3534l 10y ago
  It was my understanding that (and especially absent a central bank) the US economy became prone to frequent and periodic economic panics, uncontrolled periods of inflation and deflation, and general financial instability.
  - iopq 10y ago
    As opposed to now, when we have frequent bubbles and bursts and more inflation? It's hard to say what's better.
    - bildung 10y ago
      Both bubbles and bursts were more frequent and of higher amplitude in the 19th century: https://commons.wikimedia.org/wiki/File:US_Historical_Inflation_Ancient.svg https://commons.wikimedia.org/wiki/File:US_Historical_Inflat...
- CobrastanJorji 10y ago
  You are referring to the time period immediately preceding but not including the 1940s and 50s?
- pfranz 10y ago
  I can't speak for the 100 years, but I always thought his determination to pay off the national debt was a big contributor to economic problems[1] [1] https://en.wikipedia.org/wiki/Andrew_Jackson#Panic_of_1837 https://en.wikipedia.org/wiki/Andrew_Jackson#Panic_of_1837
gnarbarian 10y ago
Maybe you'll like this one better: It is to be regretted that the rich and powerful too often bend the acts of government to their selfish purposes. Distinctions in society will always exist under every just government. Equality of talents, of education, or of wealth can not be produced by human institutions. In the full enjoyment of the gifts of Heaven and the fruits of superior industry, economy, and virtue, every man is equally entitled to protection by law; but when the laws undertake to add to these natural and just advantages artificial distinctions, to grant titles, gratuities, and exclusive privileges, to make the rich richer and the potent more powerful, the humble members of society — the farmers, mechanics, and laborers — who have neither the time nor the means of securing like favors to themselves, have a right to complain of the injustice of their government. There are no necessary evils in government. Its evils exist only in its abuses. If it would confine itself to equal protection, and, as Heaven does its rains, shower its favors alike on the high and the low, the rich and the poor, it would be an unqualified blessing. pretty damn relevant today. (rent seeking, crony capitalism, lobbyists writing the bills)

A rousing quote from a genocidal madman who didn't understand finance and crippled the US economy for nearly a hundred years.

by c3534l 10y ago

A rousing quote from a genocidal madman who didn't understand finance and crippled the US economy for nearly a hundred years.

terravion 10y ago

Genocidal I can grant, but we are talking about bank policy here. It seems that all evidence says that the 100 years after Jackson were objectively some of the most economically dynamic for the United States, especially in comparison to Europe or any other place in the world during that period. How was the economy crippled?

c3534l 10y ago
It was my understanding that (and especially absent a central bank) the US economy became prone to frequent and periodic economic panics, uncontrolled periods of inflation and deflation, and general financial instability.
- iopq 10y ago
  As opposed to now, when we have frequent bubbles and bursts and more inflation? It's hard to say what's better.
  - bildung 10y ago
    Both bubbles and bursts were more frequent and of higher amplitude in the 19th century: https://commons.wikimedia.org/wiki/File:US_Historical_Inflation_Ancient.svg https://commons.wikimedia.org/wiki/File:US_Historical_Inflat...
CobrastanJorji 10y ago
You are referring to the time period immediately preceding but not including the 1940s and 50s?
pfranz 10y ago
I can't speak for the 100 years, but I always thought his determination to pay off the national debt was a big contributor to economic problems[1] [1] https://en.wikipedia.org/wiki/Andrew_Jackson#Panic_of_1837 https://en.wikipedia.org/wiki/Andrew_Jackson#Panic_of_1837

gnarbarian 10y ago

Maybe you'll like this one better: It is to be regretted that the rich and powerful too often bend the acts of government to their selfish purposes. Distinctions in society will always exist under every just government. Equality of talents, of education, or of wealth can not be produced by human institutions. In the full enjoyment of the gifts of Heaven and the fruits of superior industry, economy, and virtue, every man is equally entitled to protection by law; but when the laws undertake to add to these natural and just advantages artificial distinctions, to grant titles, gratuities, and exclusive privileges, to make the rich richer and the potent more powerful, the humble members of society — the farmers, mechanics, and laborers — who have neither the time nor the means of securing like favors to themselves, have a right to complain of the injustice of their government. There are no necessary evils in government. Its evils exist only in its abuses. If it would confine itself to equal protection, and, as Heaven does its rains, shower its favors alike on the high and the low, the rich and the poor, it would be an unqualified blessing. pretty damn relevant today. (rent seeking, crony capitalism, lobbyists writing the bills)