Alvin Harvey Hansen (1887-1975) Alvin Harvey Hansen was an American economist. Taught at the University of Minnesota from 1919 to 1937 and at Harvard from 1937-1960. He worked for the Economic State Department in Washington from 1934-35, and was special adviser to the Federal Reserve System between 1940 and 1945. His published work includes Cycles […]

George III Napoleonic War Issue During the Napoleonic Wars of 1797-1813, the finances of the state fell into desperate affairs. Silver and gold were in short supply and the regular issue of the gold guinea was stopped during the war altogether. It was also during this period that paper currency in England began to circulate […]

George III 1760-1820 George (William Frederick) III was the eldest son of Frederick, Prince of Wales, and grandson of George II. George III was born June 4th, 1738, being the first sovereign of the Hanoverian line who was actually born in England. On the death of his father, in 1751, his education was intrusted to the […]

Monetary History of Scotland SCOTLAND David I AR Penny Prince Henry AR Penny Malcolm IV AR Penny William I (The Lion) AR Penny Alexander II AR Penny Alexander III 1st Coinage Crude Portrait AR Penny 2nd Coinage Refined Portrait AR Penny AR Half-Penny AR Farthing Margaret AR Penny John Baliol AR Penny AR Half-Penny 2nd […]

Monetary History of Russia The Russian Monetary System began also with cattle (skot) during the Kievan period. Skins of small animals and precious metals were used as fixed-value exchange rate based upon barter goods. Up until the end of the 12th century, cattle was the unit of account but commerce took place with the skins […]

Monetary History of Japan As legend has it, Japan was founded around 660BC by a direct descendent of the Sun Goddess. It is from this basic legend that Japan derives the name of “Land of the Rise Sun.” Japan has a long monetary history which dates back to when coins were first introduced from neighboring Korea […]

Monetary History of Canada Early 1600s: Beaver pelts are the one universally accepted medium of exchange, though wheat and moose skins are also legal tender Mid 1600s: Wampum, or strings and belts made from shell beads, becomes legal tender in colonial New England. Eight white beads or four purple beads buy one penny. June 8, 1685: The […]

The Paper Chase Part II ©Copyright June 1988 The Panic of 1869, which caused gold to rally significantly, was in itself a sign to the government that paper money would not win the affections and confidence of the people just yet – this would take time. The question of what was actually money remained an […]

  ©Copyright June 1988 The story of paper money goes back a long way. One could argue that its first emergence was even before 2500BC in Bablyon. For the sake of convienence, banking transactions took place in the form of a clay tablet which served as a “letter or credit.” While such forms of money […]

Part IV of IV—A Brief History of World Credit & Interest Rates by Martin A. Armstrong ©Copyright PEI  1700-Date As with most wars, noble motives are usually portrayed in some slogan that attempts to hide the true underlying financial incentives. The English Crown’s attempt to control and prevent irresponsible paper money issues among the Colonies, […]