PDF Ebook A History of the Greenbacks, by Wesley Clair Mitchell
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A History of the Greenbacks, by Wesley Clair Mitchell
PDF Ebook A History of the Greenbacks, by Wesley Clair Mitchell
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- Sales Rank: #14206043 in Books
- Brand: Brand: Nabu Press
- Published on: 2010-02-26
- Original language: English
- Number of items: 1
- Dimensions: 9.69" h x 1.21" w x 7.44" l, 2.32 pounds
- Binding: Paperback
- 598 pages
- Used Book in Good Condition
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Worthy of re-discovery!
By John Butler
Americans generally know little of the federal government's first experiment with inflationary monetary policy: The Greenbacks. Wesley Clair Mitchell's book is a detailed and at times gripping account of the outbreak of the Civil War and the immediate, enormous funding needs this placed on the Union. President Lincoln pressured the Congress to authorise the printing of unbacked, fiat dollars, known as 'Greenbacks'. Notwithstanding generally strong support for the war effort, many in Congress felt that undermining the previously sound monetary policy of the United States was a huge mistake with potentially damaging consequences. Mitchell presents both sides of the debate in detail and then goes on to demonstrate how the opponents of the Greenbacks were proven right in their dire predictions. Today, some 150 years later, deep into a financial crisis and with confidence in the unbacked, fiat dollar eroding with each new round of inflationary measures by the Federal Reserve, it is instructive to revisit the Greenback episode. A History of the Greenbacks may be a long lost classic but it is highly deserving of re-discovery.
John Butler, author of The Golden Revolution: How to Prepare for the Coming Global Gold Standard (John Wiley and Sons, 2012)
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