Friday, March 22, 2013
JULY 1, 1818 – SECOND NATIONAL BANK OF US TRIGGERS RECESSION/DEPRESSION
1818 – SECOND NATIONAL BANK OF US TRIGGERS RECESSION/DEPRESSION
The Second National Bank of the United States (a private financial institution) on this day reversed its financial course from monetary expansion to contraction. They called in loans and cut future loans. They required payments from state banks in gold alone. This caused deflation, leading to a two-year recession/depression – called the “Panic of 1819.” This is what happens time and again when private financial corporations control a nation’s money system instead of We the People through their government.
Posted by Greg Coleridge at 10:46 PM