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The Coinage Act of 1873 pleased bondholders and bankers, the well-to-do, by making gold the monetary standard, completely eliminating silver as a standard. But farmers and working people, debtors of all types—“those who labor under all the hardships of life,” in Madison’s words—were infuriated by the “Crime of ’73,” and this was a majority that in
... See moreRobert A. Caro • Master of the Senate: The Years of Lyndon Johnson III
Hyman Philip Minsky (b. 23 September 1919, d. 24 October 1996) was best known for his Financial Instability Hypothesis of the business cycle, which emphasized the dynamics of business investment finance as a recurring cause of macroeconomic instability (Minsky 1972, 1980). During a boom, the expansion of debt-financed investment spending causes
... See moreBoston University • Minsky’s Financial Instability Hypothesis and Modern Economics
Wilson’s economic analysis was unsophisticated and not quite responsive to the specific banking problem. Individuals did lack credit, but not merely—not even primarily—due to monopoly. He ignored the larger issue identified by Paul Warburg—the need to pool reserves to ensure a continual flow of loans.