Section V. The Harvest, Chapters 20-23 The London Connection; Competition Is a Sin; The Creature Swallows Congress; The Great Duck Dinner Summary and Analysis

Summary

During the years following the Civil War, according to Chapter 20, the US economy went through extremes of the boom-bust cycle. This was due to the widespread use of fiat money and the implementation of many economic tricks that were doomed to failure. However, big fortunes were also made by powerful financiers and their market manipulations. The Bank of England, the House of Morgan and the Rothschilds were among the winners, buying up bonds and the such during busts that gained tremendous value during boom times. While this was going on, the British pound suffered in the international markets, which led...