The Financial Crisis of 1873

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 –

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.