The Solution to Economic Crisis: The Legal Tender Act of 1862

9 Pages Posted: 9 Nov 2011

Date Written: November 3, 2011

Abstract

The Legal Tender Act of 1862 offers a blueprint solution to our current economic crisis. The U.S. Government issued its own currency rather then relying on banks. This allowed the North to finance and win the civil war while keeping the economy solvent. The same solution can be used today to bring the U.S. economy out of the greatest recession since the great depression.

Keywords: economy, tax, depression, recession, legal tender, legal tender act, money, banking, notes, debt

JEL Classification: A10, A20, E40, E50, K40

Suggested Citation

Paleveda, Nicholas A., The Solution to Economic Crisis: The Legal Tender Act of 1862 (November 3, 2011). Available at SSRN: https://ssrn.com/abstract=1956699 or http://dx.doi.org/10.2139/ssrn.1956699

Nicholas A. Paleveda (Contact Author)

Northeastern University ( email )

220 B RP
Boston, MA 02115
United States

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