History of Money, 1862 1890
The U.S. issues Greenbacks
The US Treasury starts issuing the greenback. A tax of 2% is placed on US state bank notes.
Greenbacks value is halved
At the end of the US Civil War the value of the greenback has been halved. So the government starts to withdraw them from circulation
Taxed out of existence
In the US state banknotes are taxed out of existence by a 10% tax.
Take away Greenbacks and worsen a depression
The withdrawal of the Greenback in the US was exacerbating a depression in the economy. Some increases in Greenback circulation are made.
1850 - 1914
British bankers screw their country
British bankers export huge amounts of capital and ignore British industry. The total reaches billions of British pounds.
1873 - 1876
Do the Bankers feel the pain?
Britain goes through a Great Depression.
Cheques are money
The main source of money in the US is cheques which account for 90% of financial transactions.
Hjalmar Schacht revealed that it was the privately-owned Reichsbank, not the German government, that was pumping new currency into the economy. Like the U.S. Federal Reserve, the Reichsbank was overseen by appointed government officials but was operated for private gain. The mark's dramatic devaluation began soon after the Reichsbank was "privatized," or delivered to private investors. What drove the wartime inflation into hyperinflation, said Schacht, was speculation by foreign investors, who would sell the mark short, betting on its decreasing value. [ 1 ]
[ 1 ] Ellen Brown, Web of Debt, March 2008, p239