On January 2, 1788, Georgia became the fourth state to ratify the United States Constitution.
On the second day of 1819, the Panic of 1819, the first major peacetime financial crisis in the United States, began. The classic historical treatment of this crisis remains Murray Rothbard’s dissertation.
1 reply on “A Fourth & a First”
The claims of Adams, Rothbard, &alii not withstanding, partial-reserve banking is not fraud or other theft. To outlaw it would be to adopted a technocratic intervention.
Certainly partial-reserve banking can be and has been badly done; but financial intermediation more generally can be badly done.