US Economic History 3 - National Banks’ Rise and Fall

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Does a national bank make the US economy more stable or more chaotic? Video created with the Bill of Rights Institute to help students ace their exams.
This is the third video in a series of nine with Professor Brian Domitrovic, which aim to be a resource for students studying for US History exams and to provide a survey of different (and sometimes opposing) viewpoints on key episodes in U.S. economic history. How do you think we did?
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TRANSCRIPT: For a full transcript please visit: www.learnliberty.org/videos/us... ‎
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Опубликовано:

30 июл 2024

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Комментарии : 59

@matheusdal8110 4 года назад

Over 70 years without central banks. Enough time to build a solid economy with real interest rates based on savings and not on artificial money supply. I look at that and think that it's not really fair taking money too seriously if there is so much margin for corruption with the FED today.

@mytech6779 Год назад

@T B measured by what? As a percentage increase of individual purchasing power the greatest growth was when there was no central bank.

@gusserks5609 4 года назад

It’s astonishing the exponential growth of the US federal government over time

@ihatecommunism9958 3 года назад

It's disturbing, honestly..It's only a matter of time before it goes fully tyrannical..

@t00thman 7 лет назад

Now it's actually a source of our debt.

@Jmriccitelli 6 лет назад

these videos are awesome!!!!!

@emsglaceon 7 лет назад

*listening to music in the car* *ad comes on, is driving an can't skip* Ugh *hears "Notable political battles in the early United States"* *perks up* *hears "Alexander Hamilton* YEEEEEAA

@SmashBrosBrawl 5 лет назад

The greatest GDP wealth growth on US history was during the pre-Fed era.

@mannyg7089 3 года назад

That has little to do with the presence of a central bank and a lot to do with the industrial revolution which enabled mass production and led to unprecedented economic growth.

@SmashBrosBrawl 3 года назад

@@mannyg7089 the Fed has enabled zombies to live well past their death & has allowed wasteful public sector govt spending to run unchecked. That is how fed has killed the economy.

@Zack-yw6lm 10 месяцев назад

It is still an argument tho. The industrial revolution during that time did not just happen anywhere for any reason. The fact that it still occurred regardless of a national or central bank is its own argument. If America could develop into a top industrial powerhouse without a central bank, does it really need one at all? Industrial revolutions are just farmers moving to cities, creating factories, businesses, or working in them. But by God, without a central bank, wherever did these venture capitalists get the startup money from!@@mannyg7089

@thebrinksf69 7 лет назад

Bravo! Thank you for doing these economic history videos. It would be more interesting if you would insert more history on why the opinions against it were correct. National banks were and are the downfall of the economy and have not worked.

@aculasabacca 4 года назад

Funny how he points out that state banks were private but curiously leaves out that fact when describing "national" banks. International central bank is what they are and they are private. They loan money that does not exist and take your house or jail you if you don't pay them. Slavery to a private entity.

@gladiatortoast4599 4 года назад

aculasabacca the bank was owned by international businessmen, doe,stic businessmen, and also by the government. I think he did briefly mention this in the video.

@zaphoddog3878 5 лет назад

So you are just going to end the video leaving the misleading and erroneous impression that there was no structure in place between the second bank and the federal reserve? What about the Independant Treasury system? Just because it wasn't privately run doesn't make it non-existent!

@user-hb2ku5oq5r 19 дней назад

Thank you¡¡

@uchihasiva007 6 лет назад

I have a doubt around 3:25 , the narrator says the national banks was creating an instability as it incentives private bank to take greater risk, my question is how ? are national banks and private banks some how interlinked ? aren't private banks and national banks separate entities. some one please explain

@SmashBrosBrawl 5 лет назад

Because if a private bank fails, the national Bank will the private bank out. This is literally what happened to Goldman Sachs and several other Banks during 2008. But here's a secret, the Fed stole your purchasing power to do this feat.

@news2383 3 года назад

necessary and proper. I wonder what year that got thrown away

@mytech6779 Год назад

1819 in the case he cited, but totally failed to explain. The opinion written for that McCulloch v Maryland decision has abjectly corrupt reasoning and directly says: necessary doesn't really mean necessary, if the intent was to be truly necessary they would have written "absolutely nessessary". And therefore anything slightly convenient for the government qualifies as necessary.

@Vjl5280 4 года назад

Central banking has taken the intrinsic worth of our country and gave us a fiat currency worth nothing then they inflated it!!!! Since 1913, the founding told the fed, our $s buying power has decreased by 90%!!!!! This cartel has taken all of our wealth and gave us a worthless ticket!!!!!

@alexgagnon52 7 лет назад

A Central bank has some important uses, BUT the power it welds is so easily abused that IMO the bank is more of a problem then benefit.

@mikehihn 7 лет назад

I liked what Canada did when I worked up there in the 70s. Not sure you'd call it a national bank in the traditional sense. But federal surpluses were used to finance home mortgages, when they still had surpluses! And ALL their private bans were nationwide.

@andrewthetextbook489 3 года назад

Yes. It can stabilize the economy but also have a very parasitic attitude towards it.

@jonathanwirth8863 3 года назад

Have a goodnight

@LearnLiberty 3 года назад

Good night!

@happyjohn1656 5 лет назад

Their profile picture looks like the Ukranian flag 10:01:01 PM 10/4/2018 Essay + mandos

@tubeboy8 7 лет назад

Of course the Federal Reserve act was necessary. If you're going to gradually disengage from a commodity-based monetary system, you have to start somewhere. Besides, how else are you going to fund perpetual wars along with the legislators that forever encourage them?

@davidkdyer2199 7 лет назад

Amen!

@Zack-yw6lm 10 месяцев назад

So you are saying perpetual wars are good? I get that you are being ironic by pointing that out but should that not push your own opinion to be against a central bank? So that even if corrupt politicans or glory hound generals want a perpetual war, they simply cant afford one?

@juandelgadillo2656 3 года назад

literally caused the great depression

@mytech6779 Год назад

So far, I'm not super impressed by this series, good formatting but very weak substance. They leave out essential information, vaguely hint at stuff that never gets explained, and all in a manor that looks like an apologist excusing the openly corrupt Hamiltonian mercantilists. A channel that calls its self Learn Liberty should really have read up on Jefferson's arguments and Austrian theories of bank economics.

@Jyagos1 7 лет назад

If anyone uses this for their exams, they're going to be misled immensely. Europe has national banks and has done fairly well. Likewise, America has had them in the past until they were corrupted by private banks. In America, since the time of Wilson, private banks have run the Fed to some extent (which is a private-public entity) and state run banks are wiped out save for in North Dakota. You'll need a lot more than 5 minutes to cover all the issues needed for any exam if you're looking beyond the surface as this video does.

@shakkamannaka6618 7 лет назад

The Federal Reserve is entirely owned by the government, and is an individual entity within the government. It is not a quasi-private institution, such as Freddie Mac and Fannie Mae.

@wadedewell 7 лет назад

Jagos federal resevre is a private bank owned by the rothschilds

@mikehihn 7 лет назад

Zaeed Massani You've got the cause wrong.

@shakkamannaka6618 7 лет назад

+Zaeed Massani I'm sorry, but it didn't. Like Milton Friedman used to postulate; low interest-rates are not a sign of loose monetary policy, but rather a symptom of too tight monetary policy in the past (expansionary monetary policy would lead to higher growth and inflation, thereby raising yields). In fact, many of the Euro-zone economies (Spain, Italy, France, Greece, Ireland, Portugal etc.), have experienced far slower nominal gdp-growth than the long-term trend before the crises, and some countries (such as Greece) has been mired in deflation. This is another symptom of tight monetary policy.

@mikehihn 7 лет назад

Zareed Massani Deflation also forces wages down, just as inflation forces them up. You're a manufacturer. A competitor starts up three years later, paying the lower wages. What do you do? Friedman is correct. Common sense prevails.

@uchihasiva007 6 лет назад

@fahadsheikh9035 3 года назад

The Fed bank removes the reliance on gold because they issue printed money. If pvt banks normally fk up then they are out of gold, which is very limited in supply thus the private bank is shit out of luck. Federal banks can simply print out more cash, and give it to the private banks as a bailout whenever they fk up.