Panic of 1907: Difference between revisions
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The Panic of 1907 was a severe US financial crisis that struck in early October of 1907. "Not only was there a general recession and contraction, but the major banks in New York and Chicago were, as in most other depressions in American history, allowed by the government to suspend specie payments; that is, to continue in operation while being relieved of their contractual obligation to redeem their notes and deposits in cash or in gold."<ref>Rothbard, Murray N. [http://mises.org/resources/1022/Money-and-Banking ''History of Money and Banking in the United States''.]</ref> | The '''Panic of 1907''' was a severe [[United States|US]] financial crisis that struck in early October of 1907. "Not only was there a general recession and contraction, but the major banks in [[New York City|New York]] and [[Chicago]] were, as in most other depressions in American history, allowed by the government to suspend specie payments; that is, to continue in operation while being relieved of their contractual obligation to redeem their notes and deposits in cash or in gold."<ref>Rothbard, Murray N. [http://mises.org/resources/1022/Money-and-Banking ''History of Money and Banking in the United States''.]</ref> | ||
==References== | ==References== | ||
Revision as of 19:46, 13 December 2010
The Panic of 1907 was a severe US financial crisis that struck in early October of 1907. "Not only was there a general recession and contraction, but the major banks in New York and Chicago were, as in most other depressions in American history, allowed by the government to suspend specie payments; that is, to continue in operation while being relieved of their contractual obligation to redeem their notes and deposits in cash or in gold."[1]
References
- ↑ Rothbard, Murray N. History of Money and Banking in the United States.