Everand Logo

Welcome to Everand!

  • Discover millions of ebooks, audiobooks, and so much more with a free trial

    Only $11.99/month after trial. Cancel anytime.

    A Brief Financial History of the United States
    A Brief Financial History of the United States
    A Brief Financial History of the United States
    Ebook107 pages1 hour

    A Brief Financial History of the United States

    By Catherine McGrew Jaime

    ()

    Read preview

    About this ebook

    I find timelines the best way to keep history straight, and that’s what this book is, a brief annotated timeline of the financial history of the United States. I wrote it a couple of years ago when I was researching the financial mess we were in, in order to explain it to my Economic students. I kept going further and further back in order to make sense of what I was finding.

    This is a book for those everyday-type people who want to understand what is going on, but don’t have a significant amount of financial/economic background. But, don’t worry, I use footnotes liberally – I had to look up many of these financial expressions, people, events, and terms, and I share that information throughout the book.

    I also happened to be teaching a class on Benjamin Franklin at the time I started this study. I noticed that he had some sayings that applied to this topic – I’ve sprinkled a few of those throughout the book.

    At the request of a friend, I’ve also sprinkled “Catherine’s commentary” throughout. Those appear as CC: ______It will become clear very quickly that I come at this from a fiscally conservative perspective!

    LanguageEnglish
    PublisherCatherine McGrew Jaime
    Release dateOct 24, 2010
    ISBN9781452383668
    A Brief Financial History of the United States
    Author

    Catherine McGrew Jaime

    Historian, and Author, Homeschool Mom of 12

    Read more from Catherine Mc Grew Jaime

    Related to A Brief Financial History of the United States

    Related ebooks

    Economics For You

    View More
    View More

    Related podcast episodes

    Related articles

    • Article

      Stock Market Today: Tech Rallies, Nasdaq Just Shy of New Highs

      Jun 17, 2021

      The Nasdaq Composite pressed higher Thursday, to within just a few points of a fresh closing record, flipping the script on how the technology-heavy index has acted for much of 2021. The Federal Reserve yesterday revealed higher expectations for infl

      2 min read

    • Article

      Sleeper Territorials

      Jul 5, 2022

      Sleeper Territorials
      5 min read

    • Article

      4 Closed-End Funds with Sky-High Yields

      Feb 1, 2018

      With robust yields and share prices trading at a discount to the value of their investment portfolios, these four closed-end funds are worth exploring now. For more about how closed-end funds work (and can add juicy payouts to your portfolio), check

      2 min read

    • Article

      We Humans Will Pick Ourselves Up, Dust Ourselves Off And Adapt

      Apr 29, 2020

      As I write this in early April, the All Ordinaries index has had a nice rally from its year low of 4564 to around 5400. Markets do tend to move as a predictor of the future, so right now they are obviously factoring in the falling infection and death

      3 min read

    • Article

      PODCAST: Estate-Planning Your Stuff with T. Eric Reich

      Apr 21, 2021

      David Muhlbaum: When it comes to estate planning, money is usually front of mind. Makes sense, that's where decisions about wills, trusts and more can realize real tax savings. But it's stuff, tangible things like houses, china and collectibles that

      17 min read

    • Article

      America’s Empire Of Debt

      May 12, 2023

      America’s Empire Of Debt
      2 min read

    • Article

      5 Stock Picks With Bulletproof Profit Margins

      Apr 27, 2022

      Making good stock picks is challenging at any time. But these days, investors must be wary of companies that are vulnerable to higher-for-longer inflation, as well as lingering supply-chain disruptions, rising interest rates and the scary geopolitica

      1 min read

    • Article

      Borrow $5,000, Repay $42,000 — How Super High-Interest Loans Have Boomed in California

      Jan 22, 2018

      LOS ANGELES - JoAnn Hesson, sick with diabetes for years, was desperate. After medical bills for a leg amputation and kidney transplant wiped out most of her retirement nest egg, she found that her Social Security and small pension weren't enough to

      12 min read

    • Article

      Inflate Or Die

      Dec 24, 2021

      Inflate Or Die
      2 min read

    • Article

      An Invitation to Corruption

      Mar 20, 2020

      An Invitation to Corruption
      3 min read

    • Article

      7 Low-Cost Gold ETFs

      Sep 19, 2018

      Gold investors typically tout several virtues of the yellow metal: It hedges against inflation, they say, it's an uncorrelated asset that doesn't move with the stock market and it can grow in value when national or even global uncertainty is high. Th

      6 min read

    • Article

      Norton vs McAfee

      Mar 30, 2021

      Norton vs McAfee
      4 min read

    • Article

      The Gold Standard

      May 1, 2019

      The Gold Standard
      2 min read

    • Article

      How to Turn 'Found' Money into a Retirement Income Stream

      Feb 19, 2018

      Save it or spend it? That's the question to answer when you find extra money. Kiplinger's Personal Finance magazine headlined its February 2018 issue with great approaches when the figure at hand is $1,000, $10,000 or $100,000. I have some ideas, to

      2 min read

    • Article

      A Conversation with a Short Seller

      Aug 18, 2020

      A short seller leads a lonely life, it seems. Short sellers profit from stocks that decline in value. So, when they win, it means that most of their friends and family are likely losing. And when they lose? Well … they don't generally get a lot of sy

      4 min read

    • Article

      For $250, It's Yours

      Apr 5, 2023

      For $250, It's Yours
      4 min read

    • Article

      No Children? Why You Still Need an Estate Plan

      Feb 11, 2019

      Estate planning is an extremely personal process, not a one-size-fits-all endeavor. When an individual has no close relatives (other than perhaps a spouse), the decisions required to prepare an estate plan can sometimes feel overwhelming. Over the

      3 min read

    Related categories

    Reviews for A Brief Financial History of the United States

    0 ratings

    0 ratings0 reviews

    What did you think?

    Tap to rate

    Review must be at least 10 words

      Book preview

      A Brief Financial History of the United States - Catherine McGrew Jaime

      A Brief Financial History of the United States

      Written by Catherine McGrew Jaime

      Smashwords Edition

      Copyright 2010 by Catherine McGrew Jaime

      Smashwords Edition, License Notes

      This ebook is licensed for your personal enjoyment only. This ebook may not be re-sold or given away to other people. If you would like to share this book with another person, please purchase an additional copy for each recipient. If you’re reading this book and did not purchase it, or it was not purchased for your use only, then please return to Smashwords.com and purchase your own copy. Thank you for respecting the hard work of this author.

      Table of Contents

      Introduction

      Let us begin, close to the beginning

      Conclusion

      Appendix One: Abbreviations/Acronyms (with the years mentioned)

      Appendix Two: Definitions (with the years terms are mentioned)

      Appendix Three: Economics in the Declaration of Independence

      Appendix Four: Economics in the Articles of Confederation

      Appendix Five: Economics in the U.S. Constitution

      Appendix Six: Ronald Reagan’s Speech

      About the Author

      Other Titles at Smashwords

      Connect with Catherine Online

      Introduction

      I find timelines the best way to keep history straight, and that’s what this book is, a brief annotated timeline of the financial history of the United States. I wrote it a couple of years ago when I was researching the financial mess we were in, in order to explain it to my Economic students. I kept going further and further back in order to make sense of what I was finding.

      This is a book for those everyday-type people who want to understand what is going on, but don’t have a significant amount of financial/economic background. But, don’t worry, I use footnotes liberally – I had to look up many of these financial expressions, people, events, and terms, and I share that information throughout the book.

      I also happened to be teaching a class on Benjamin Franklin at the time I started this study. I noticed that he had some sayings that applied to this topic – I’ve sprinkled a few of those throughout the book.

      At the request of a friend, I’ve also sprinkled Catherine’s commentary throughout. Those appear as CC: ______ It will become clear very quickly that I come at this from a fiscally conservative perspective!

      Let us begin, close to the beginning:

      16th Century

      Spain establishes the first permanent settlement of Europeans in what is now Florida.

      17th Century

      In 1606, King James I of England charters the Virginia Company of London (also referred to as the Virginia Company or the London Company) to establish colonial settlements in North America.

      Much of the labor in the colonies is done by slaves and indentured servants. In fact, it is not clear from historical records whether the first Africans that come to Jamestown in 1619 are slaves or indentured servants. Over time, most of the slaves come into the colonies from Africa, and most of the indentured servants come in from Europe.

      Indentured servants generally signed contracts for three to seven years of labor. While they are under their contracts, they are often not treated much better than slaves. In the early colonial years, most indentured servants have signed contracts to pay for their passage to America. In later years, many of the indentured servants are training as apprentices to learn a new skill.

      During the Battle of Quebec in 1690, Massachusetts becomes the first American colony to issue bills of credit to pay their soldiers. (Bills of credit are government obligations that are circulated like money.)

      In 1694, the Bank of England is founded as a privately owned foundation. (It is later nationalized, in 1946.)

      1720

      The Colonies begin printing their own paper money. (The money works well in each individual colony, but sometimes hampers trade between colonies.)

      1731

      Benjamin Franklin begins printing money for Pennsylvania. He develops special methods to fight counterfeiting.

      1764

      With the end of French and Indian War, and the need to pay the costs associated with it, the British Parliament bans the colonies from printing their own money. Ben Franklin lobbies unsuccessfully in London for the law to be repealed.

      1765

      In response to Parliament’s dreaded Stamp Act, the Stamp Act Congress debates taxation without representation at New York’s City Hall. Showing their displeasure, colonists fly their flags at half-mast.

      1775

      As the American Revolution begins, the Continental Congress authorizes $2 million in bills of credit to be issued.

      1776

      British economist Adam Smith writes in The Wealth of Nations, It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.

      CC: In other words, profit is not such a bad motivator!

      Towards the beginning of the American Revolution, Thomas Jefferson writes of critical economic concepts in the Declaration of Independence. (See Appendix 3 for more of the economic principles found in the Declaration of Independence.)

      Benjamin Franklin sails to France as an American Ambassador. One of his primary jobs there is to secure loans to help the Americans in their fight against the British.

      1779

      More than $241 million in continental money has been printed. But now, due in large part to high inflationary rates and British counterfeiting, it is often said, It is not worth a Continental.

      1781

      The Articles of Confederation are ratified. They will direct the new country and

      Enjoying the preview?
      Page 1 of 1