Originally published 01/29/2013
A 1779 fifty-five dollar note printed by the Continental Congress. Via Wiki Commons."Welcome to the Continental Congress.""I'm not sure what you mean by that, Mr. President.""I mean we're on our way to a visit to the people who almost lost the American Revolution -- if we continue to try to maintain the illusion that our money has any value when the interest rate for borrowing it is zero and we try to solve our mounting debt problems by printing it by the billions.""Was that what happened to the Continental Congress?""Congress printed dollars at a fantastic rate in 1776. It seemed to work beautifully. They shipped it to the various states and they built forts, warships and mustered new regiments for the Continental Army. We were a dynamic new nation -- until we lost a couple of battles. Suddenly people started thinking that if we lost the war, these pieces of paper would be worth nothing. NOTHING. That's when our dollars started to depreciate.""How could you tell that was happening?"
- Why Trump Would Almost Certainly Be Violating the Constitution If He Continues to Own His Businesses
- Remembering Pearl Harbor Brings ‘Date Which Will Live in Infamy’ to Virtual Reality
- Will Trump back women’s museum?
- New scholarship coming to Mormon lessons, but will instructors really teach it?
- Why the history of slavery in the US South is taking centre stage once again
- Novelist says History classes are our best hope for teaching Americans to question fake news and Donald Trump
- National Book Award winner Ibram X. Kendi is youngest in 30 years in the non-fiction category
- Historian Volker Ullrich’s book on the rise of Hitler is spookily relevant
- People are still talking about historian Mark Lilla’s NYT op ed 2 weeks after it was published
- Rick Perlstein says Trump’s election confirms a paranoid trend in the GOP