One Nation Under Gold How One Precious Metal Has Dominated The American Imagination For Four Centuries

One Nation Under Gold examines the countervailing forces that have long since divided America—whether gold should be a repository of hope, or a damaging delusion that has long since derailed the rational investor. Worshipped by Tea Party politicians but loathed by sane economists, gold has historically influenced American monetary policy and has exerted an often outsized influence on the national psyche for centuries. Now, acclaimed business writer James Ledbetter explores the tumultuous history and larger-than-life personalities—from George Washington to Richard Nixon—behind America’s volatile relationship to this hallowed metal and investigates what this enduring obsession reveals about the American identity. Exhaustively researched and expertly woven, One Nation Under Gold begins with the nation’s founding in the 1770s, when the new republic erupted with bitter debates over the implementation of paper currency in lieu of metal coins. Concerned that the colonies’ thirteen separate currencies would only lead to confusion and chaos, some Founding Fathers believed that a national currency would not only unify the fledgling nation but provide a perfect solution for a country that was believed to be lacking in natural silver and gold resources. Animating the "Wild West" economy of the nineteenth century with searing insights, Ledbetter brings to vivid life the actions of Whig president Andrew Jackson, one of gold’s most passionate advocates, whose vehement protest against a standardized national currency would precipitate the nation’s first feverish gold rush. Even after the establishment of a national paper currency, the virulent political divisions continued, reaching unprecedented heights at the Democratic National Convention in 1896, when presidential aspirant William Jennings Bryan delivered the legendary "Cross of Gold" speech that electrified an entire convention floor, stoking the fears of his agrarian supporters. While Bryan never amassed a wide-enough constituency to propel his cause into the White House, America’s stubborn attachment to gold persisted, wreaking so much havoc that FDR, in order to help rescue the moribund Depression economy, ordered a ban on private ownership of gold in 1933. In fact, so entrenched was the belief that gold should uphold the almighty dollar, it was not until 1973 that Richard Nixon ordered that the dollar be delinked from any relation to gold—completely overhauling international economic policy and cementing the dollar’s global significance. More intriguing is the fact that America’s exuberant fascination with gold has continued long after Nixon’s historic decree, as in the profusion of late-night television ads that appeal to goldbug speculators that proliferate even into the present. One Nation Under Gold reveals as much about American economic history as it does about the sectional divisions that continue to cleave our nation, ultimately becoming a unique history about economic irrationality and its influence on the American psyche.

This book clarifies some misunderstandings about money by tying the concept of money to the goods and services sector of the economy. In addition, it demystifies the process of money creation on the part of central banks. The phenomenon of money is ubiquitous; it has been around for tens of thousands of years, if not longer. Indeed, no modern economy could function without money. For many, however, the concept of money remains elusive. Worse still, misinformation abounds, which leaves the uninitiated vulnerable to fraud. This lack of understanding has serious policy implications as well. When policymakers lack a firm grasp of the concept, policy is likely to be flawed and its effects are likely to be detrimental to the body politic. After providing a brief history of money, the author details the role of money in the division of labor and specialization, in economic growth, and in an interconnected world. Throughout the book, he points out the pitfalls of fallacious thinking. In recent policy debates, such thinking has led to proposals ranging from the re-institution of the gold standard to supplying limitless money as suggested by Modern Monetary Theory.

Fake history is not a harmless mistake of fact or interpretation. It is a mistake that conceals prejudice; a mistake that discriminates against certain kinds of people; a mistake held despite a preponderance of evidence; a mistake that harms us. Fake history is like the Zombies we see in mass media, for the fake fact, like the fictional Zombie, lives by turning real events and people into monstrous perversions of fact and interpretation. Its pervasiveness reveals that prejudice remains its chief appeal to those who believe it. Its effect is insidious, because we cannot or will not destroy those mischievous lies. Zombie history is almost impossible to kill. Some Zombie history was and is political, a genre of what Hannah Arendt called “organizational lying” about the past. Its makers designed the Zombie to create a basis in the false past for particular discriminatory policies. Other history Zombies are cultural. They encapsulate and empower prejudice and stereotyping. Still other popular history Zombies do not look disfigured, but like Zombies walk among us without our realizing how devastating their impact can be. Zombie History argues that, whatever their purpose, whatever the venue in which they appear, history Zombies undermine the very foundations of disinterested study of the past.

Across North America's periphery, unknown and overlooked Civil War campaigns were waged over whether the United States or Confederacy would dominate lands, mines, and seaborne transportation networks of North America's mineral wealth. The U.S. needed this wealth to stabilize their wartime economy while the Confederacy sought to expand their own treasury. Confederate armies advanced to seize the West and its gold and silver reserves, while warships steamed to intercept Panama route ships transporting bullion from California to Panama to New York. United States forces responded by expelling Confederate incursions and solidified territorial control by combating Indigenous populations and enacting laws encouraging frontier settlement. The U.S. Navy patrolled key ports, convoyed treasure ships, and integrated continent-wide intelligence networks in the ultimate game of cat and mouse. This book examines the campaigns to control North America's mineral wealth, linking the Civil War's military, naval, political, diplomatic and economic elements. Included are the hemispheric land and sea adventures involving tycoon Cornelius Vanderbilt, admiral and explorer Charles Wilkes, renowned sea captain Raphael Semmes, General Henry Sibley, cowboy and mountain man Kit Carson, Indigenous leaders Mangas Coloradas and Geronimo, writer and miner Mark Twain, and Mormon leader Brigham Young.

The United States and Latin America presents a complex and dynamic view of the relationship between the United States and Latin America. Through a combination of targeted, thematic chapters and a range of freshly-translated documents, Jeffrey F. Taffet and Dustin Walcher illuminate the historical continuities and conflicts that have defined the vital relationship. Giving equal weight to Latin American and United States voices, this text provides an essential collection of primary sources for students and scholars, and is an indispensable touchstone for anyone interested in the histories of the United States and Latin America.

The full, little-known story of how President Dwight Eisenhower masterminded the downfall of the anti-Communist demagogue Senator Joseph McCarthy is “a gripping, detailed account of how the executive branch subtly but decisively defeated one of America’s most dangerous demagogues” (The Washington Post). They shook hands for the cameras, but Dwight Eisenhower privately abhorred Senator Joseph McCarthy, the powerful Republican senator notorious for his anti-Communist campaign. In spite of a public perception that Eisenhower was unwilling to challenge McCarthy, Ike believed that directly confronting the senator would diminish the presidency. Therefore, the president operated—more discreetly and effectively—with a “hidden hand.” In “a thorough, well-written, and surprising picture of a man who was much more than a ‘do-nothing’ president” (Kirkus Reviews, starred review), David A. Nichols shows how the tension between the two men escalated. In a direct challenge to Eisenhower, McCarthy alleged that the US Army was harboring communists and launched an investigation. But the senator had unwittingly signed his own political death warrant. The White House employed surrogates to conduct a clandestine campaign against McCarthy and was not above using information about the private lives of McCarthy’s aides as ammunition. By January 1954 McCarthy was arguably the most powerful member of the Senate. Yet at the end of that year, he had been censured by his colleagues for unbecoming conduct. Eisenhower’s covert operation had discredited the senator months earlier, exploiting the controversy that resulted from the televised Army-McCarthy hearings. McCarthy would never recover his lost prestige. In Ike and McCarthy, Nichols uses documents previously unavailable or overlooked to authenticate the extraordinary story of Eisenhower’s anti-McCarthy campaign. The result is “a well-researched and sturdily written account of what may be the most important such conflict in modern history….Americans have as much to learn today from Eisenhower as his many liberal critics did in 1954” (The Atlantic Monthly).