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Elite Bankers LOVE deflation. After the US Civil War Morgan was allied with the Rothschilds of London and had access to vast reserves of gold. They contributed, bribed and agitated to retire the Greenback Dollars, which produced deflation, and then their agents proceeded to foreclose on most of the loans they had made, thereby pocketing the profits already made plus the assets against which the loans had been made. It was the financial basis for the creation of the Southern term "Carpetbagger", and Carpetbaggers were protected by the Union Army and Reconstruction state governments. That is part of the dark side of Reconstruction.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun Mar 20th, 2016 at 11:49:13 AM EST
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Whatever "Gone with the Wind" might preach, the aristocracy was in serious financial difficulty before the war, but after the war it managed to regain economic control, thanks to large injections of Northern and British capital.  With renewed economic power came a return of political power, even before the end of Reconstruction, which simply finished the job.  I highly recommend a book titled "Ballots and Fencerails", which focuses on Reconstruction in the Lower Cape Fear in North Carolina.
by rifek on Mon Mar 21st, 2016 at 10:41:58 PM EST
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