March 27, 2012

Ditching Gold Helped the Dollar Dominate

Johnson & Kwak, Bloomberg

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The birth of the U.S. was paid for by both a debauched paper currency and large debts that it soon defaulted on. When Alexander Hamilton became Treasury secretary in 1789, his job was not just restoring the country’s credit by restructuring the debt and imposing new taxes; he also had to clean up the mess that was money in the early U.S. . .

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TAGGED: Dollar, Gold Standard, James Kwak, Simon Johnson

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