Comments by "Samson Soturian" (@samsonsoturian6013) on "Loco-Focos and the 1837 New York Flour Riot" video.

  1. About the inflation of the era: This was the "widecat banking era," when most paper currency was issued by banks, not the government. Often it was only useable in the region it was issued, and when banks became insolvent the paper money became worthless. Since no one really controlled the money supply, no one could stop inflation or deflation.
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  2.  @poetryflynn3712  Dude, you seen the mess connected to crypto banks?
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  3.  @donnajohnson3334  Until the 20th century you didn't need a license or insurance to run a bank. That's why in the old west when bank robbers came, they were literally robbing entire towns. Sometimes the bankers were a band of bros who took a lot of leverage and/or didn't know what they were doing. Charles Ponzi was one such wildcat banker when he lived in Canada.
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  4.  @poetryflynn3712  Yes, that is true... It is also private money, and the wildcat banking era was far less than the systemic fraud in the crypto space, but it had many of the same problems. And leaving the gold standard didn't devalue currency. Gold fluctuates in price by as much as 100% depending on supply and demand. The Feds keep the currency stable compared to a whole basket of staple goods and they buy and sell gold and bonds to do so.
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  5. Shut up
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  6.  @syzl___  shut up
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  7.  @Federalist2159  shut up
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  8. Shut up
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  9.  @poetryflynn3712  you keep rambling on as if you don't realize there are massive gaps in your knowledge. The Fed DELIBERATELY targets a small net positive inflation rate to prevent people from hoarding wealth, instead you must either spend or invest. And Federal spending is near the global average relative to GDP.
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  10.  @poetryflynn3712  We also know you're making this up as you go along.
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  11.  @CrazyBear65  How much did you lose on crypto?
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  12. Shut up
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  13. YouTubers, more like.
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