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Showing posts with label Laissez Faire. Show all posts
Showing posts with label Laissez Faire. Show all posts

Thursday, February 14, 2013

The Coxeyites, the Bankers, and the Political Class



In 1894, a scraggly band of misfits made their way from Ohio to Washington, D.C. They had a plan to present to the political class, one that they said would bring an end to the economic depression that had been sparked by the Panic of 1893 and guarantee a future of endless prosperity for all. Their plan was for the politicians and the government to print unlimited amounts of money.
Surely, that would solve everything! After all, most of these people knew exactly what was wrong with their lives. Their once booming farmland had collapsed in price. Their land was now underwater, just like millions of houses since 2008. They would be stupid to pay what they owed, and they didn’t have the money to do so anyway.