Overdue Credit to America's Financial Founding Father
The Honor of a Nation is it's Life
In April 2023, I launched this newsletter with the objective of periodically sharing stories from the past that help contextualize current events. I also promised to share a few chapters from my forthcoming book, Investing in U.S. Financial History, in advance of the official publication date on February 27, 2024. Now that the time has arrived, I am both excited to share one, and a bit nervous to hear the response. The chapter can be downloaded in the link below. Please note the password Fiduciary_duty1 is required to open it.
The attachment includes the introduction, acknowledgments, and the first chapter of the book, entitled “Overdue Credit to America’s Financial Founding Father.” The introduction and acknowledgements explain why this book was written and who provided invaluable assistance along the way. The first chapter recounts the formation of the U.S. financial system by the nation’s first Treasury secretary, Alexander Hamilton. The fact that the U.S. was on the precipice of financial failure in 1790 is not widely known. Nor is it widely known that if not for the financial programs introduced by Alexander Hamilton, the nation may very well have failed. Amazingly, despite the passage of 234 years, appreciating Hamilton’s wisdom can still help steady a ship that is now struggling to navigate a dangerous sea.
The quote that opens this newsletter was spoken by Alexander Hamilton, but it appears toward the end of the book rather than the beginning. This is because Hamilton’s primary role in 1790 was to restore the credit of the United States not to restrict its spending. But a lot has changed over the past 234 years, and the wisdom that is critical now was considerably less important during Hamilton’s life. Emboldened by the nation’s extraordinary but temporary wealth in the aftermath of World War II, the United States abandoned the Hamiltonian principle of repaying debts accrued during times of emergency. If the United States wishes to “render the public credit immortal,” Americans must re-embrace this principle. It is one of the greatest challenges of our time.
On a lighter note, I hope that you enjoy the opening pages of Investing in U.S. Financial History. My goal was to provide value that far exceeds the $44.95 price tag. I cannot guarantee that it will, by I can assure you that I did my best.
*Don’t forget that the PDF is password protected. Password is Fiduciary_duty1
Disclaimer: This is a personal newsletter. Any views or opinions expressed herein belong solely to the author and do not represent those of any people or organizations that the writer may or may not be associated with in a professional capacity, unless specifically stated. This is not to be construed as an offer, solicitation, recommendation, or endorsement of any particular security, product, service, or considered to be tax advice. There are no guarantees investment strategies will be successful. Past performance is no guarantee of future results. Investing involves risks, including possible loss of principal.