****** - Verified Buyer
4.5
BRAVO!!! A MUST READ!!!When you read this book you garner a vastly deeper appreciation for the terms scholar, historian, research and story teller. You also are blessed with a unique narrative regarding the history of America's financial disasters in the nineteenth century. I've done quite a bit of reading in this genre - and this book is a MUST READ.I truly enjoyed this work. Actually, I became immersed in the narrative and learned more than I could have hoped.This work has encouraged me to continue to "explore the places where maps have failed us...pushing along in the dark." (p. 254). Yet, the historical evolution of U.S. capitalism that this work recounts, illuminated the absence of pre-existing maps from which to plot the path ahead. However, this work also revealed for me that man, at every juncture, with his seemingly eternal penchant for wealth and power, and organization - emerged, and injected itself at every opportunity.For me, this book distinctly reinforced the incontrovertible evidence inhabiting the historical record; when you combine man and money, the emergence of mayhem is a matter of fact. Although we currently live in a time where our culture suggests that we know most everything, can control our environments, and predetermine outcomes of socio-economic (and geo-political) policies - I remain a healthy skeptic...particularly as it relates to ALL things economic. Again, this volume is a reminder to me to remain sensitive to the alerts from my "crap detector" (attached to my forehead, swiveling in a 360, 24-7 - and - solar powered). The "smugness" that inhabits our intellectual, social, economic and political discourse today remains, in my opinion, one of our most profound, enduring weaknesses - as a species - particularly as folks continue to espouse rigidly militant "certainty" about issues; past, current and future. I, for one, appreciate those who possess a high regard for questions vs. those who attempt to cram answers down my throat...as the author's commentary at the end of the book, directed at his colleagues, elicited deeply appreciative smirks from this reader.Yes, as some of the author's final remarks in this book indicate, I too have ongoing concerns about the unregulated and mysterious miasma of rogue waves of capital that seemingly slosh between the shores of our globe...outside the cognitive awareness of the ordinary citizen...capital without margin ("margins impose safety"... p. 251), incalculable leverage, incomprehensible risk, and a source of instability whose magnitude and morph I remain acutely concerned with...as inertia continues to thrust us into places where maps are under construction...pushing along in the dark....to a yet, unknown destination. Yet, the human motivations remain seemingly unchanged.This particular work is profoundly appreciated by this reader. Thank you so very much Mr. Reynolds.I highly recommend it.A Nation of Deadbeats is an account of many of the United States's worst financial disasters. It is written with a focus on political and social history rather than as an economic history. It starts at the time of the revolution and ends with the roaring 20s and the great depression. It is generally taken as an account from some of the individuals involved from those periods and hence there is an underlying narrative througout the book.The chapters are basically split up into different financial disasters the nation has faced. It is quite clear after a few accounts that credit and the money supply are at the heart of the boom bust cycle. Political motives as well often drive these cycles by helping promote over investment. The politics of a federally chartered bank are discussed in a very historical context and the democratic parties long fight to banish the bank from the country is part of much of the book. The repurcussions of then not having a uniform currency is shown to have many unintended consequences and the reader can see that the financial system has many constant stresses that continue through time irrespective of modifications of rules.A nation of deadbeats is a good historical account of the financial panics the nation has faced. It gives accounts from the character level and is focused on social and political structure and motives more on the specifics of the economics at play. Economics are part of the account but i find that the weakest aspect whereas the colourful history is worth reading for its own sake. If one wants a history of economic disasters there is better literature out there, but I have seen none which focuses only on US financial panic history. This book fits a nice niche.Absolutely a masterpice. One of the excellent book that I read in my life. I read a lot of books about fed, american economy, but this is more different than them. Most of the contents in this book I haven't read before. Some contents of the book is advanced that if anybody who wants to read this book must have an advanced economic degree. But the story of the book is so fluent and is not boring. I will read it again.If I evaluated the some comments below which are 1 star or 2 star I wouldn't have read this book and wouldn't buy, and this might have been terrible.But ı listened to my feelings and I bought and I am so glad to read this book. I read a lot of writers' books who are economist from Harvard, Yale And MIT, Princeton etc. But Mr. Reynold is actually and historian and his books is better than their books. This is an irony.Wonderful, magnificent, excellent. I advice everyone to read this book.The main reason I gave this only 3 stars is that I was hoping for a detailed analysis of the 1920-21 financial crisis. I suspect the author omits this because the crisis was remedied in short order with almost no government intervention. Throughout the book you will sense that the author is a big fan of the Federal Reserve, Keynes, and big government. If you are a progressive in the mold of Woodrow Wilson, FDR, or Obama, you will probably agree with the analysis offered by Scott Nelson. If you're not a progressive you will most likely take issue with the author's positions. Finally, I was hoping for more analysis of the financial crises since the big push of progressivism starting in the early 20th century but the book focused the first 200 pages on the 18th and 19th centuries. While I enjoyed the history lesson it wasn't what I was looking for but that's a knock against me -- not the author.This was an enjoyable introduction to America's financial history. It gave me new perspectives on US history. Highly recommended for all.
