I cannot let this day end without acknowledging the 145th anniversary of the failure of Overend, Gurney, and Company, which set off one of the 19th century’s more spectacular financial crises. Writing the day after the failure, the Times of London argued that the firm could,”…rightly claim to be the greatest instrument of credit in … Read moreHappy 145th Anniversary!
In his Financial History of the United States (1879), Albert Bolles wrote “Thought but little more than a century has passed since the first Continental Congress met, in September, 1774, the financial history of the United States during the subsequent period is thickly strewn with financial experiments amply rewarding investigation.” Recent European Union efforts to … Read moreEurope’s Articles of Confederation
Barry Eichengreen has some deservedly sharp words for European Commission, the European Central Bank, and the German government over the Irish “rescue package.” Likening it to the punitive reparations burden imposed on German at the end of World War I, Eichengreen points out that the bailout does not, in fact, reduce Ireland’s debt one bit, … Read moreBuilding a better bailout
In a bitter editorial, The Irish Times laments the country’s financial difficulties in historical terms. Was it for this? IT MAY seem strange to some that The Irish Times would ask whether this is what the men of 1916 died for: a bailout from the German chancellor with a few shillings of sympathy from the … Read moreIreland’s Troubles