Tag Archives: H. L. Mencken

The War of 1861

The 1783 Treaty of Paris ended the war between the colonies and Great Britain. Its first article declared the 13 colonies “to be free, sovereign and independent states.” These 13 sovereign nations came together in 1787 as principals and created the federal government as their agent. Principals have always held the right to fire agents. In other words, states held a right to withdraw from the pact — secede. Continue reading

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John Galt at the Treasury Department

As Mellon’s fiscal policies at the Treasury Department unleashed an explosion of productivity, investment, and innovation, the good times were being undermined down the street by unsustainable monetary policies at the Federal Reserve System. Artificially low interest rates, caused by the Fed’s inflation of money and credit from 1924 through 1928, added a dangerous froth to an otherwise healthy economy. When the Fed burst the bubble by raising interest rates starting in 1929, the boom gave way to the bust, made worse for a decade by the tax and regulatory policies of two administrations. Continue reading

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