Tuesday, October 8, 2013

U.S Debt never to pay off.

U.S Debt,much talk,much nonsense talk but it might never be paid and that might not be a bad thing.For only year the U.S was debt free was 1836 and in 1837 there was panic of 1837,in worst depression in American History,it last six years and hit the South and West particularly hit.The actual cause was cotton prices fell 50 percent which cause a panic in banking system,New York Banks already the financial center of the country suspended payment in specie and banks in rest of country follow,hence, shortage of money.Made Martin Van Buren a one term President although maybe Andrew Jackson was to blame.
Of course,it was foreign debt mainly to Britain that made founding fathers realize that the Articles of Confederation wasn't working and if republic was to survive a national government was needed,hence,the Constitution was created and although Constitution was brainchild of James Madison the driving force for national government was a brilliant Scottish bastard Alexander Hamilton.If debt hadn't paid off to largely British merchants they would been chance Britain over army to refight the American Revolutionary war.But maybe not the public in Britian was war wary,Britain was fighting many wars at time and public had it's fill of those unruly Americans.

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