`Ways and Means’
I’m reading a book called “Ways and Means” which describes how the North financed the Civil War versus the South. The South printed paper currency that had no support in terms of gold or taxation, ultimately leading to a 900% inflation rate. Meanwhile, the North introduced the first income tax and the first national currency called the greenback designated as legal tender, meaning it had to be accepted by the public for payment of debt, supplies and wages. The North had some inflation but it was within the norms of a war-time economy. This allowed the North to continue to replenish its men and material while the South could do neither. This great asset called Dollar Bill has generally been victorious in any military encounter over the last century and a half. It has had only two failures over this long period of time in Vietnam and Afghanistan. Both of these opponents ignored loss of life, living a subhuman existence and length of time.