Econintersect: In the 19th century the U.S. government actually could go broke if it depended on the banks to provide the money and credit for monumental finacing challenges such as the Civil War. When the banks could not or would not create the needed credit the Lincoln administration took extraordinary steps to keep afloat. There were also major taxes discussed and enacted. This week’s documentary covers the timeline details.
This video was written, filmed and narrated by John, Michael and Nicole Bianchi.