The Panic of 1792: The History and Legacy of America’s First Financial Crisis
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Narrated by:
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Daniel Houle
About this listen
During the Revolution, relatively little consideration had been given to the role of the federal government in the new nation, and the precise role and authority of an overarching entity with responsibility for all states within the union was a major problem. Having fought against and defeated a distant government that imposed seemingly arbitrary rules on the colonies, many people were suspicious about the role of the federal government. The only federal institution during the war was the Continental Congress, which had little real power and was unable to levy taxes from individual states. When the Constitution was drafted in 1787 and George Washington became the first president six years after the end of the Revolutionary War, he immediately began the task of creating the new federal administration.
One of the most urgent tasks Washington faced was the establishment of a treasury to oversee the finances of America and regulate its currency. This was desperately needed, both because the banking sector barely existed and because America was completely and comprehensively out of money. Indeed, it faced the very real possibility of becoming bankrupt since the massive costs of the Revolution had required borrowing on a vast scale. Banks in Holland provided some of the money, but the bulk came from Britain’s great European rival, France. France provided loan after loan to the Continental Congress, and by the time the war ended, the interest alone on these loans was crippling. Congress could not tax states directly, instead relying on financial requisitions, but few of them were actually paid. The balance of trade was heavily biased in favor of imports, with gold leaving the country at an alarming rate. To overcome this, Congress simply printed more and more paper money, which quickly lost its value. As Thomas MacGraw put it, “The War of Independence not only impoverished the country but also left it burdened with the highest public debt it has ever experienced, measured against the income of its government".
Very few banks, the mechanisms driving the financial system in most other countries, existed in the new country. In 1781, the year in which an American victory against Britain first seemed possible, not a single bank existed in any state. The very first bank was awarded a charter in Philadelphia in 1782, while the second would not be created until after the end of the war in 1784 in New York. Even still, banks were generally awarded charters by individual states, not by Congress, so America had nothing to equate to the treasuries governing the finances of most established nations.
It was clear that the “hands-off” policy Congress initially tried to implement simply would not work in terms of the new nation’s finances. Some means had to be found to limit imports, encourage exports, deal with the country’s massive debt, and establish a national bank and sound fiscal policies that would apply to every part of the new union, not just to individual states. Much of that would fall on Alexander Hamilton and Robert Morris, who helped create the financial institutions that would become the heart of the United States' economy, but the story would also be incomplete without a former Continental Congressman named William Duer, who almost destroyed these same institutions through the Panic of 1792.
The Panic of 1792: The History and Legacy of America’s First Financial Crisis examines the origins of America’s financial system, and how it was disastrously affected so shortly after the Constitution was ratified.
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A History of Money and Banking in the United States: The Colonial Era to World War II
- By: Murray N. Rothbard
- Narrated by: Matthew Mezinskis
- Length: 13 hrs and 48 mins
- Unabridged
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In what is sure to become the standard account, Rothbard traces inflations, banking panics, and money meltdowns from the colonial period through the mid-20th century to show how government's systematic war on sound money is the hidden force behind nearly all major economic calamities in American history. Never has the story of money and banking been told with such rhetorical power and theoretical vigor. You will treasure this volume.
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Great facts (if selective); ideological rigidity
- By Philo on 02-04-16
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Money for Nothing
- The Scientists, Fraudsters, and Corrupt Politicians Who Reinvented Money, Panicked a Nation, and Made the World Rich
- By: Thomas Levenson
- Narrated by: Dan Bittner
- Length: 12 hrs and 12 mins
- Unabridged
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In the heart of the Scientific Revolution, when new theories promised to explain the affairs of the universe, Britain was broke, facing a mountain of debt accumulated in war after war it could not afford. But that same Scientific Revolution - the kind of thinking that helped Isaac Newton solve the mysteries of the cosmos - would soon lead clever, if not always scrupulous, men to try to figure a way out of Britain’s financial troubles.
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Financial innovation's first song of the siren.
- By Michael Barnett on 09-06-20
By: Thomas Levenson
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The Money Men
- Capitalism, Democracy, and the Hundred Years' War over the American Dollar
- By: H. W. Brands
- Narrated by: Lloyd James
- Length: 5 hrs and 30 mins
- Unabridged
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A best-selling historian's gripping account of the powerful men who controlled America's financial destiny. From the first days of the United States, a battle raged over money. On one side were the democrats, who wanted cheap money and feared the concentration of financial interests in the hands of a few. On the other were the capitalists who sought the soundness of a national bank and the profits that came with it.
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Not clear what this book is really about
- By Chris on 07-03-08
By: H. W. Brands
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Borrowed Time
- Two Centuries of Booms, Busts, and Bailouts at Citi
- By: James Freeman, Vern McKinley
- Narrated by: Fred Sanders
- Length: 11 hrs and 51 mins
- Unabridged
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To save the economy and keep Citi afloat in 2008, the government provided huge infusions of cash through multiple bailouts that frustrated and angered the American public. But, as Wall Street Journal writer James Freeman and financial expert Vern McKinley reveal, the 2008 crisis was just one of many disasters Citi has experienced since its founding more than 200 years ago. In Borrowed Time they reveal Citi’s disturbing history of instability and government support. It’s a story that neither Citi nor Washington wants told.
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Biased
- By CF on 08-09-19
By: James Freeman, and others
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Rainbow's End: The Crash of 1929
- Oxford University Press: Pivotal Moments in US History
- By: Maury Klein
- Narrated by: Sean Crisden
- Length: 11 hrs and 45 mins
- Unabridged
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The first major history of the Crash in over a decade, Rainbow's End tells the story of the stock market collapse in a colorful, swift-moving narrative that blends a vivid portrait of the 1920s with an intensely gripping account of Wall Street's greatest catastrophe. The book offers a vibrant picture of a world full of plungers, powerful bankers, corporate titans, millionaire brokers, and buoyantly optimistic stock market bulls.
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Plenty of fine detail, especially of the 1920s
- By Philo on 04-18-13
By: Maury Klein
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Why Wall Street Matters
- By: William D. Cohan
- Narrated by: Rob Shapiro
- Length: 4 hrs and 14 mins
- Unabridged
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William D. Cohan is no knee-jerk advocate for Wall Street and the big banks. He's one of America's most respected financial journalists and the progressive best-selling author of House of Cards. He has long been critical of the bad behavior that plagued much of Wall Street in the years leading up to the 2008 financial crisis, and because he spent 17 years as an investment banker on Wall Street, he is an expert on its inner workings as well.
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An Inch Deep and A Mile Wide
- By Doug Sheridan on 04-26-17
By: William D. Cohan
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Lords of Finance
- The Bankers Who Broke the World
- By: Liaquat Ahamed
- Narrated by: Stephen Hoye
- Length: 18 hrs and 32 mins
- Unabridged
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It is commonly believed that the Great Depression that began in 1929 resulted from a confluence of events beyond any one person's or government's control. In fact, as Liaquat Ahamed reveals, it was the decisions made by a small number of central bankers that were the primary cause of the economic meltdown, the effects of which set the stage for World War II and reverberated for decades.
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interesting insight into interwar period!
- By Toru on 11-27-09
By: Liaquat Ahamed
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Americana
- A 400-Year History of American Capitalism
- By: Bhu Srinivasan
- Narrated by: Scott Brick, Bhu Srinivasan
- Length: 21 hrs and 18 mins
- Unabridged
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From the days of the Mayflower and the Virginia Company, America has been a place for people to dream, invent, build, tinker, and bet the farm in pursuit of a better life. Americana takes us on a 400-year journey of this spirit of innovation and ambition through a series of Next Big Things - the inventions, techniques, and industries that drove American history forward: from the telegraph, the railroad, guns, radio, and banking, to flight, suburbia, and sneakers, culminating with the Internet and mobile technology at the turn of the 21st century.
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Excellent history!
- By L. Maranto on 10-14-17
By: Bhu Srinivasan
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The Company
- A Short History of a Revolutionary Idea [Modern Library Chronicles]
- By: John Micklethwait, Adrian Wooldridge
- Narrated by: Jonathan Davis
- Length: 6 hrs and 46 mins
- Unabridged
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In The Company, the largely unknown history of the joint-stock company is presented by the editors of Economist. One of history's greatest catalysts, the joint-stock company has dramatically changed the way human beings live, work, and conduct business. With companies now affecting the world on a global scale, it is more pressing than ever before to understand this driving force.
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unique history with a unique perspective
- By D. Littman on 10-31-05
By: John Micklethwait, and others
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Ways and Means
- Lincoln and His Cabinet and the Financing of the Civil War
- By: Roger Lowenstein
- Narrated by: Kaleo Griffith
- Length: 13 hrs and 31 mins
- Unabridged
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Upon his election to the presidency, Abraham Lincoln inherited a country in crisis. Even before the Confederacy’s secession, the United States Treasury had run out of money. The government had no authority to raise taxes, no federal bank, no currency. But amid unprecedented troubles Lincoln saw opportunity—the chance to legislate in the centralizing spirit of the “more perfect union” that had first drawn him to politics.
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Perspective that matters - financing the Civil War
- By Edgewater on 07-04-22
By: Roger Lowenstein
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America's First Great Depression
- Economic Crisis and Political Disorder After the Panic of 1837
- By: Alasdair Roberts
- Narrated by: Kevin Young
- Length: 10 hrs and 42 mins
- Unabridged
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For a while, it seemed impossible to lose money on real estate. But then the bubble burst. The financial sector was paralyzed and the economy contracted. State and federal governments struggled to pay their domestic and foreign creditors. Washington was incapable of decisive action. The country seethed with political and social unrest. In America's First Great Depression, Alasdair Roberts describes how the United States dealt with the economic and political crisis that followed the Panic of 1837.
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Excellent Story
- By Timothy on 06-10-13
By: Alasdair Roberts
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An Empire of Wealth
- The Epic History of American Economic Power
- By: John Steele Gordon
- Narrated by: Bob Souer
- Length: 14 hrs and 24 mins
- Unabridged
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Throughout time, from ancient Rome to modern Britain, the great empires built and maintained their domination through force of arms and political power. But not the United States. America has dominated the world in a new, peaceful, and pervasive way - through the continued creation of staggering wealth. In this authoritative, engrossing history, John Steele Gordon captures as never before the true source of our nation's global influence: wealth and the capacity to create more of it.
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KNOW YOUR HISTORY!
- By CP Guy on 12-22-20
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The Forgotten Depression
- 1921: The Crash That Cured Itself
- By: James Grant
- Narrated by: Rick Adamson
- Length: 9 hrs and 18 mins
- Unabridged
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In 1920-1921, Woodrow Wilson and Warren G. Harding met a deep economic slump by seeming to ignore it, implementing policies that most 21st-century economists would call backward. Confronted with plunging prices, wages, and employment, the government balanced the budget and, through the Federal Reserve, raised interest rates. No "stimulus" was administered, and a powerful, job-filled recovery was under way by late 1921. Yet by 1929, the economy spiraled downward as the Hoover administration adopted the policies that Wilson and Harding had declined to put in place.
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Best thinking-sharpener I know of
- By Philo on 03-11-20
By: James Grant
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Railroaded
- The Transcontinentals and the Making of Modern America
- By: Richard White
- Narrated by: Paul Woodson
- Length: 23 hrs and 5 mins
- Unabridged
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The transcontinental railroads of the late 19th century were the first corporate behemoths. Their attempts to generate profits from proliferating debt sparked devastating panics in the US economy. Their dependence on public largess drew them into the corridors of power, initiating new forms of corruption. Their operations rearranged space and time, and remade the landscape of the West. As wheel and rail, car and coal, they opened new worlds of work and ways of life.
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Correcting the Myth of the Transcontinentals
- By Keith on 06-23-18
By: Richard White
What listeners say about The Panic of 1792: The History and Legacy of America’s First Financial Crisis
Average customer ratingsReviews - Please select the tabs below to change the source of reviews.
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- Frank Donnelly
- 02-14-21
Very Good For A Condensed Work
I really liked this audiobook. I read along in Kindle. It was very faithful to the text. I learned a great deal. I have not yet fact checked the work, although everything I already know is consistent with items in the work. However I had never heard of the Panic of 1792 that I can recall or William Duer, that I can recall. So presuming this work is factually accurate, I learned a good deal in a one day study. Thank You...
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