garynorth.com / Gary North / November 23, 2016
We are told that the United States is deeply divided today. If only it were true.
Let’s talk about some real divisions in American history.
The nation was deeply divided in 1775-81, when the non-Canadian North American colonies of the British Empire had a civil war over secession. It produced the only hyperinflation in American history. It had begun with a tax revolt, when total Empire taxes constituted about 1% of GDP. The tax rate never again was this low in America.
The nation was deeply divided again in 1787-88, when the Anti-Federalists warned that the proposed Constitution, written by an assembly of rich men during a secret convention that was closed to the public, would become an instrument for a vast centralization of power.
The nation was divided again in 1791, when Alexander Hamilton got the Federalist Party-dominated government to grant a central bank monopoly to the privately owned Bank of the United States. He also persuaded Congress to establish a system of massive federal debt in order to subsidize a handful of big-money investors. In 1811, Congress failed to re-charter the bank by a single vote in the Senate. But the former anti-Bank politician and President, James Madison, changed sides in 1816 and supported the grant of a central bank monopoly to the richest man in the colonies, immigrant Stephen Girard: the Second Bank of the U.S..
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