How Debt Won the American Revolution
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3 жыл бұрынSeventeenth Century North America was the first place in the western world where governments issued paper money. This video explores how Britain’s mercantilist policies towards its American colonies, including forbidding banks from operating in America, contributed to a lack of gold and silver coin (specie) in the colonies. This lack of specie led to the proliferation of both public and private “bills of credit” that came to be used as paper money. American patriots relied heavily on paper money, loans from foreign powers (France, Spain & the Dutch Republic), and new banks (the Bank of Pennsylvania & the Bank of North America) to finance their war for independence. It was the first war in history to be funded primarily with paper money.
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@detectiveofmoneypolitics 2 ай бұрын
Economic investigator Frank G Melbourne Australia is following this informative content cheers Frank
@michaelgodbee5361 Жыл бұрын
Sorry thought was typing in search
@michaelgodbee5361 Жыл бұрын
How revolutionary war soldier shall dress
@michaelgodbee5361 Жыл бұрын
The contenental Dollar had no gold silver backing it don't see why people accepted it
@m93p Жыл бұрын
Starting from a false premise (perhaps from ignorance, perhaps from intention to underpin a pre-determined outcome) he invents a theory. The war for "independence" (independence from the king of England, but not independence from the financial forces that initiated this war) was planned, fomented, started and carried by English Whigs (who were displeased with the performance of the king of England who got into his head that he was the king of England, and not some east India Baring brothers merchants). Colonial scrips(promises to pay coin) facilitated but did not carry the war. General Cornwallis (a britsh Whig) did more for the survival of the insurgents than anyone else. He always managed to snatch defeat out of the jaws of victory. Without his co-operation the insurgents would all have been killed or imprisoned. The colonial scrips could do nothing for a non-existent insurgent army. General Cornwallis dragged out the war until the king of France could be enticed to send soldiers to America; then the issue was decided at the negotiating table. The colonies issued (always) paper promises to pay coin for the wrong reasons. Governments, just about every time, issued paper promises to pay coin, for the wrong reason.
@michaelgodbee5361 Жыл бұрын
Giving congress loan never get it back
@michaelgodbee5361 Жыл бұрын
I through money made in colonial America could only be used in colony it was printed
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