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.


Weimar Hyperinflation

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

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