Investing in US Financial History with Mark Higgins Podcast Part 1
Feb 19, 2024
auto_awesome
Author Mark Higgins discusses the historical roots of US financial development from the panic of 1792 to the rise of Wall Street. He explores the impact of the first Great Depression, the gold standard, and the free silver movement, as well as the vulnerabilities of the banking system and the role of the Federal Reserve in financial crises.
Understanding historical financial events can inform current policy and investment decisions.
Alexander Hamilton's actions in restructuring US debt were pivotal in stabilizing the economy and currency.
Deep dives
The importance of understanding US financial history
Mark Higgins discusses the relevance of understanding historical precedents in investing and the lack of an accessible book on the full financial history of the United States. He highlights the value of learning from past mistakes and behaviors in predicting the future.
Alexander Hamilton's impact on the US financial system
Mark Higgins discusses how Alexander Hamilton consolidated the nation's debt, established the first central bank, and raised taxes to reestablish the credit of the United States. He emphasizes the significance of Hamilton's vision for repairing public credit and the impact of his actions on stabilizing the currency and enabling economic growth.
The rise of Wall Street and the Buttonwood Agreement
Mark Higgins explores the origins of Wall Street, focusing on the Buttonwood Agreement in 1792. He discusses the importance of establishing some order in the market and the regulation of securities trading. He also highlights the influence of trust and confidence in the financial system in driving market cycles.
The Great Depression and the importance of public credit
Mark Higgins discusses the factors leading to the first Great Depression and how Alexander Hamilton's approach to public credit influenced subsequent financial crises. He emphasizes the significance of paying down debt during times of peace and the consequences of neglecting this practice, such as emergencies straining the economy and risking societal disintegration.
Rich Excell CFA, CMT interviews Mark Higgins CFA, CFP, the author of the book "Investing in US Financial History". Mark writes an extensive account of the events in US financial history, from 1790 to the present, that should help inform policy markets and investors, because the source of many of these events are the same cycle after cycle, decade after decade, century after century. Part 1 of 2
Get the Snipd podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share & Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode