Howard Greenstein's Website » economy http://howardgreenstein.com/blog The website of Howard Greenstein of the Harbrooke Group Wed, 18 Jan 2012 00:53:14 +0000 en hourly 1 http://wordpress.org/?v=3.2.1 The Financial Crisis of 1873 http://howardgreenstein.com/blog/archives/2008/10/the_financial_crisis_of_1873.html http://howardgreenstein.com/blog/archives/2008/10/the_financial_crisis_of_1873.html#comments Mon, 06 Oct 2008 17:37:05 +0000 Howard http://howardgreenstein.com/blog/archives/2008/10/the_financial_crisis_of_1873.html From Scott Reynolds Nelson, a professor of history at the College of William and Mary, comes a thought piece on the similarities of the current financial crisis and the 1873 worldwide banking crisis.
The Real Great Depression – ChronicleReview.com

As in 1873, a complex financial pyramid rested on a pinhead. Banks are hoarding cash. Banks that hoard cash do not make short-term loans. Businesses large and small now face a potential dearth of short-term credit to buy raw materials, ship their products, and keep goods on shelves.

Sounds familiar, no? Worth the read.

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