why did Jackson believe that banks were evil but slavery wasn't?
Today's Tax Wall Street Party Daily Briefing delves into the joyous decision to remove the slavery-loving Jackson from the $20 bill to be replaced by Harriet Tubman.
Tarpley goes into how it was Jackson who was personally responsible for the 1837 Panic by withdrawing federal funds from the BUS2 and placed them in the banks of his mates, who then proceeded to use that mass influx of fresh deposits as a base to which fractional reserve banking was applied, and the resulting explosion of funds from state banks led to a speculation bubble. Jackson then burst that bubble with the Specie Circular.
Henry Clews in 28 Years on Wall Street describes this in some detail and mocks the management of Jackson and van Buren, while also praising the management of BUS2 under Nicholas Biddle. One of the favourite facts that Libertarians like to cite as evidence that Jackson was great is that he paid off the debt. Yes, he did indeed pay off the last few dollars. But all the hard work had been done by Biddle, and without too much destabilisation.
But as soon as slavery-loving Jackson becomes POTUS? Inflation, speculation and panic.
So:
why did Jackson believe that banks were evil but slavery wasn't?
Why? Because he was an evil nutter!!
Begone detested Jackson!! BEGONE!!
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