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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: jackjc who wrote (35741)	7/11/2005 10:40:47 AM
From: Tommaso	Read Replies (2) \| Respond to of 110194

Well, that is certainly true. It really wasn't a country at all. Fortunately Hamilton's Federalism prevailed sufficiently to establish a banking system and a better currency system. The most amazing success was the federalizing of all the state debts; the idea must have seemed insane to those who opposed it, and it enriched speculators who had bought up depreciated state bonds. But industry and trade propsered mightily under a centralized financial system. It remains to be seen if Europe can make a comparable transition.