Guerilla_ro2e on Nostr: "In 1720 trade was stagnant, and there was a great cry for more bills. Let it be ...

"In 1720 trade was stagnant, and there was a great cry for more bills. Let it be observed how this complaint is heard again, every four or five years, although the amount of paper was continually increasing. It is the best instance in history of the way in which a country "grows up" to any amount of currency. Here was a sparse population in a new country with untouched resources, and it seemed to them necessary to have recourse to artificial issues of currency to "make business brisk;" to get up enterprises for the sake of "making work;" and to lay bounties on products in order to enable the people to carry on production. The distress was real, but it came from turning their backs on what nature offered them gratuitously, and violating the laws by which they might have profited by these gifts." W.G. Sumner, "A History of American Currency" (1874), p. 23.

We are in a black hole of violation.