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?"
- Egyptian ‘Mona Lisa’ A Fake
- The Story Behind ‘Woman in Gold’: Nazi Art Thieves and One Painting’s Return
- Scott Walker, Allergic to Dogs, May Run Against Political History
- Russian History Receives a Makeover That Starts With Ivan the Terrible
- Parsing Ronald Reagan’s Words for Early Signs of Alzheimer’s
- Joan Waugh on Grant's and Lee's 'gentlemen's agreement' ending the Civil War
- Charlatan or Sage? Contested Legacy of the late Dr. Ben, a Father of African Studies
- Historians make it easy for visitors to DC to understand the history of the Mall
- History's Grandin Wins Bancroft Prize for "The Empire of Necessity"
- Nobel prize-winning scientist writes a history of science