[Marxism] America is "the most stinking country in the world" - times haven't changed much
dmozart1756 at gmail.com
Mon Jan 9 08:07:00 MST 2017
*from* *America's First Great Depression* *by Alasdair Roberts.*
In the 1830s, corporations and states went on a borrowing binge to finance
the construction of new railroads and canals, the "internal improvements"
endorsed by the emerging Whig Party (including a young Abraham Lincoln).
However, far more railroads and canals were built than were needed,
generally financed using bonds sold to British and other European
investors. By the late 1830s, these bonds were starting to go into default
and a panic had begun. As European losses mounted, one member of the
Rothschild banking family called America "the most blasted & the most
stinking country in the world":
"In 1839, Daniel Webster had assured British investors that no state would
risk the 'penalty of honor and disgrace' by defaulting on their bonds. Now
nine governments, responsible for two-thirds of all the American government
debt in private hands, were routinely missing interest payments, attempting
to sidestep creditors, or flatly repudiating their obligations. Across the
Atlantic, investors were outraged.
Yankee Doodle borrows cash,
Yankee Doodle spends it,
And then he snaps his fingers at
The jolly flat who lends it.
Ask him when he means to pay,
He shews no hesitation,
But says he'll take the shortest way,
And that's repudiation!
(*Literary Gazette*, London, January 1845)
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