The above quote is from William Gouge, commenting on the Panic of 1819. The panic had been caused when the First Bank of the United States had first expanded the money supply dramatically by offering loans, then contracted the money supply by tightening its requirements for new loans, causing a crash.
This is a useful quote, as, in its simplicity, it states the very nature of crashes brought on by irresponsible banking practices. In every case in which this occurs, it is possible through the complicity of the government of the day.
The origin of this syndrome goes back to Mayer Rothschild, a very clever fellow who, in the late 18th century, offered financial benefits to politicians in Germany in trade for political support for whatever activities his bank might practice. Rothschild was a long-term thinker; his method involved the offering of regular emoluments to politicians without their having to provide him with anything immediately. Then, when he needed a large favour, he would
It’s December 2020, nine months after the height of the pandemic.
In his garment factory amid the bustling factory belt of Dhaka, Bangladesh, Zakirul Alam, shows row after row of his production lines that sit idle, shrouded in darkness.
“I can t even turn on the lights nowadays because I can’t bear the electricity,” he says.
Once a factory full of hundreds of garment workers, Zakirul tells Dateline he’s now in significant debt and has been forced to let many of them go.
In their place, sits piles of boxes full of clothes, much of it for Australian retailer Mosaic Brands.
Sandeep Phukan reviews The Great Unravelling: India after 2014, by Sanjay Jha thehindu.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindu.com Daily Mail and Mail on Sunday newspapers.