Member Video #19: Borrowing USTs
Bankers got together in Baltimore in October 1894 to discuss what they should do about the recent and devastating deflation disaster. Government was not help as there were simply not nearly enough available Treasuries and it was strangling money elasticity. One deep depression already and the banking system innovated its way out of the hole…and right into the next one. Monetary history is totally cyclical, as we shall see.
