Unveiling the Hidden History: Debt, Speculation, Foreclosures, Protests, and Crackdowns in the Making of a Nation

Founding Finance: How Debt, Speculation, Foreclosures, Protests, and Crackdowns Made Us a Nation (Discovering America)

by William Hogeland

4.4 out of 5

Language	:	English
File size	:	5156 KB
Text-to-Speech	:	Enabled
Screen Reader	:	Supported
Enhanced typesetting	:	Enabled
Word Wise	:	Enabled
Print length	:	285 pages
Lending	:	Enabled

FREE

Our nation's history is often told through the lens of grand events and iconic figures. However, beneath the surface of these familiar narratives lies a hidden story—a story of debt, speculation, foreclosures, protests, and crackdowns. This book unveils this hidden history, revealing the profound impact these forces have had on the shaping of our nation.

Debt and Speculation: The Seeds of Crisis

From the earliest days of our republic, debt has played a pivotal role in both our economic growth and our financial turmoil. In the 18th century, rampant speculation in land and other assets led to a series of financial bubbles that burst, leaving behind a trail of foreclosures and bankruptcies. These crises sowed the seeds of discontent that would eventually lead to the American Revolution.

In the 19th century, debt-fueled expansionism drove the nation westward. However, reckless speculation in railroads and other infrastructure projects led to another series of financial crises, including the Panic of 1837 and the Panic of 1857. These crises exacerbated tensions between the North and South, contributing to the outbreak of the Civil War.

Foreclosures and Protests: The Struggle for Economic Justice

Foreclosures have been a persistent scourge throughout our nation's history. In the aftermath of each financial crisis, waves of foreclosures have swept across the country, displacing countless families and destroying communities. These foreclosures sparked widespread protests, as people demanded relief from crushing debt and an end to predatory lending practices.

One of the most significant foreclosure protests occurred during the Great Depression. In the early 1930s, hundreds of thousands of farmers and homeowners faced foreclosure. In response, they organized protests, known as "penny auctions," in which they bid pennies on their properties to symbolize their resistance to being forced out of their homes.

Crackdowns and Repression: The State's Response to Dissent

Throughout history, governments have responded to protests over debt and foreclosures with a mix of tolerance and repression. In some cases, governments have allowed protesters to voice their grievances peacefully. However, in other cases, governments have cracked down on dissent, using violence and intimidation to silence protesters.

One of the most notorious examples of government repression occurred during the Bonus Army protests of 1932. In that year, thousands of World War I veterans marched on Washington, D.C., demanding payment of a bonus that had been promised to them. The government responded by sending in troops to drive the veterans out of the city.

The story of debt, speculation, foreclosures, protests, and crackdowns is a complex and multifaceted one. It is a story that has shaped our nation's economic development, social fabric, and political landscape. This book provides a comprehensive analysis of this hidden history, offering new insights into the forces that have shaped our nation. By understanding these forces, we can better prepare for the challenges that lie ahead.

Founding Finance: How Debt, Speculation, Foreclosures, Protests, and Crackdowns Made Us a Nation (Discovering America)

by William Hogeland

4.4 out of 5

Language	:	English
File size	:	5156 KB
Text-to-Speech	:	Enabled
Screen Reader	:	Supported
Enhanced typesetting	:	Enabled
Word Wise	:	Enabled
Print length	:	285 pages
Lending	:	Enabled

FREE