The History and Future of the U.S. Credit System - A Collection of Articles
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Throughout the 226 years since the U.S. constitutional system was ratified, the American people and their government have amazed the world with periods of some of the most unprecedented scientific and technological growth the world has ever seen. In 1789-1801 first Treasury Secretary Alexander Hamilton oversaw the revolutionary transformation of the young republic’s war debt into guaranteed-return internal improvement investments, and later, under the guiding hand of President John Quincy Adams and Nicolas Biddle the rapid construction of new roadways and canals which opened up the North American continent for development was facilitated by the founding of the 2nd National Bank throughout the 1820s. What each of these moments in American history have in common with each other, is the expression and utilization of the sovereign power of federal credit endowed in the U.S. Constitution by Alexander Hamilton. Today, however, is not one of the those periods. Currently, as in the periods interspersed throughout these enormous leaps of growth in our country’s history, U.S. economic policy has been subverted by monetarism. Unless the United States learns from its history, and how, as in the case of Andrew Jackson, sound economic policy has repeatedly been corrupted by populist denigration of the federal authority in charge of economic growth and the illusion of money making money, we will, as a nation, never actually win the battle our founders set out to win.
The History and Future of the U.S. Credit System - A Collection of Articles
The History and Future of the U.S. Credit…
The History and Future of the U.S. Credit System - A Collection of Articles
Throughout the 226 years since the U.S. constitutional system was ratified, the American people and their government have amazed the world with periods of some of the most unprecedented scientific and technological growth the world has ever seen. In 1789-1801 first Treasury Secretary Alexander Hamilton oversaw the revolutionary transformation of the young republic’s war debt into guaranteed-return internal improvement investments, and later, under the guiding hand of President John Quincy Adams and Nicolas Biddle the rapid construction of new roadways and canals which opened up the North American continent for development was facilitated by the founding of the 2nd National Bank throughout the 1820s. What each of these moments in American history have in common with each other, is the expression and utilization of the sovereign power of federal credit endowed in the U.S. Constitution by Alexander Hamilton. Today, however, is not one of the those periods. Currently, as in the periods interspersed throughout these enormous leaps of growth in our country’s history, U.S. economic policy has been subverted by monetarism. Unless the United States learns from its history, and how, as in the case of Andrew Jackson, sound economic policy has repeatedly been corrupted by populist denigration of the federal authority in charge of economic growth and the illusion of money making money, we will, as a nation, never actually win the battle our founders set out to win.