Anonymous ID: 5e96f6 May 25, 2023, 10:49 a.m. No.18902022   🗄️.is 🔗kun


No, repudiate the debt. Was reading these things to Pops anon and he thought it was pretty solid.


Both links from last week:

>>18865708 (pb)

>>18865688 (pb)

The first wave of repudiation of state debt came during the 1840's, after the panics of 1837 and 1839. Those panics were the consequence of a massive inflationary boom fueled by the Whig-run Second Bank of the United States. Riding the wave of inflationary credit, numerous state governments, largely those run by the Whigs, floated an enormous amount of debt, most of which went into wasteful public works (euphemistically called "internal improvements"), and into the creation of inflationary banks. Outstanding public debt by state governments rose from $26 million to $170 million during the decade of the 1830's. Most of these securities were financed by British and Dutch investors.