Peter Gallagher

Here’s an exot­ic tale of trade, mon­ey sup­ply and finan­cial reces­sion from the days when sil­ver, not gold, was the numéraire and glob­al trade-finance mar­kets more inte­grat­ed than you might sup­pose. The back­sto­ry: In 1832 Pres. Andrew Jack­son, fac­ing re-elec­­tion, vetoed the re-char­ter­ing of the wide­­ly-branched, Repub­­li­­can-aligned Bank of the Unit­ed States, re-direc­t­ing US gov­ern­ment […]