Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Display:
the Broadway Miranda report
"breaks taboos" or change the game the way the U.S. Revolutionary War hero Alexander Hamilton did when he federalized the debts of the various U.S. states [?] in 1790.
Debts owed to and by the US fed "treasury" (of Spanish milled dollars and British sterling) to individual merchants d/b/a private bankers: Those were the "founding fathers", who also defaulted on payments to "continental soldiers". Several decades and financial panics (and "bailouts") after Hamilton died, the US Congress established surety binding states' legislatures' ahh public works to the "full faith and credit" of federal tax collections.

And not for the last time, I'm sure:
An Economic Interpretation of the United States Consitution, tl;dr 366 pp

pp xiv-xv, Introduction. The account of pyramid scheming reveals only more grim, systematic intrigues culminating in a timely fire, extinguishing records.

by Cat on Sat May 23rd, 2020 at 12:19:24 PM EST
[ Parent ]

Others have rated this comment as follows:

Display:

Occasional Series