George H. Blackford, Ph.D.

 Economist at Large

 Email: george(at)


It ain't what you don't know that gets you into trouble.

Itís what you know for sure that just ain't so.
Attributed to Mark Twain (among others)



Economic Papers
Political Essays

Where Did All The Money Go?

Chapter 5: Nineteenth Century Financial Crises

Chapter 5: Nineteenth Century Financial Crises examines the problems of nineteenth century banking, and explains how a banking system works. This chapter presents the kind of explanation of monetary expansion that can be found in most any economic principles or money and banking textbook, but with a difference. Instead of focusing on how banks create money, the focus is on how banks created debt and on how this debt creation mechanism leads to economic instability in an unregulated financial system.

See: Where Did All the Money Go? How Lower Taxes, Less Government, and Deregulation Redistribute Income and Create Economic Instability (2014) at Click here for a preview.

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