Fantastic article that compares the panic of 1819 to the current day panic in the market. A MUST READ!!!


"Of all men's miseries the bitterest is this: to know so much and to have control over nothing." --Herodotus

Unlike the cycles that occupied the thinking of the ancient Greeks such as Herodotus, business cycles are not destined by fate, nor are they natural events like tropical storms or volcanic eruptions. Business cycles are contrived; they grow out of previous errors made during the boom and are symptomatic of a rotten monetary system burdened with inconvertible paper money, and hence, credit and monetary expansion. Although there are many differences between today’s economy and that of 1819, the parallels and commonality are what make for absorbing reading.