1837
– US
FINANCIAL PANIC
Banks limited credit and starting calling on debtors to repay. This ignited the Financial Panic of 1837. Urban worker faced rising unemployement and food prices. A prolonged economic depression followed, including hundreds of bank failures. The economic depression that followed lasted nearly five years. This is the inevitable result of a debt-based money system – the lessons of which we never seem to learn.
Banks limited credit and starting calling on debtors to repay. This ignited the Financial Panic of 1837. Urban worker faced rising unemployement and food prices. A prolonged economic depression followed, including hundreds of bank failures. The economic depression that followed lasted nearly five years. This is the inevitable result of a debt-based money system – the lessons of which we never seem to learn.
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