The Economic History Podcast with Fexingo: Past Recessions, Booms, and Lessons from History

In Episode 60, Lucas and Luna revisit the 1982 Mexican debt crisis—the moment a single phone call from Mexico's finance minister triggered a global banking panic and permanently changed how emerging markets borrow. They walk through the numbers: $80 billion in foreign debt, 100 percent inflation, the sudden nationalization of Mexico's banks. They explain why this crisis mattered far beyond Latin America—how it reshaped IMF lending, gave birth to the Brady Plan, and seeded the 'lost decade' that still echoes in developing-world finance today. Specific, conversational, no jargon for its own sake. A focused history lesson for anyone who wants to understand why sovereign debt crises look the way they do now. #MexicanDebtCrisis #1982 #SovereignDebt #EmergingMarkets #IMFLending #BradyPlan #DevelopingWorld #DebtCrisis #LatinAmericanEconomy #GlobalFinance #EconomicHistory #BankingPanic #LostDecade #Finance #Business #FexingoBusiness #BusinessPodcast #HistoryLesson Keep every episode free: buymeacoffee.com/fexingo

In 1914, the outbreak of World War I triggered a financial panic that threatened to shut down the New York Stock Exchange and cripple the US banking system. With European investors pulling gold and selling American stocks, the newly created Federal Reserve had not yet opened its doors. This episode explores the improvised solution: emergency currency issued under the Aldrich-Vreeland Act, which allowed banks to pool assets and print money against commercial paper and state bonds. The system worked so well that the crisis passed within weeks, but it exposed a deeper fragility in the US monetary system. Lucas and Luna examine how this ad-hoc experiment paved the way for the Fed's permanent role as lender of last resort, and why the lessons of 1914 still matter for modern central banking. #1914 #EmergencyCurrency #AldrichVreelandAct #CentralBanking #FinancialPanic #NewYorkStockExchange #WorldWarI #EconomicHistory #FederalReserve #LenderOfLastResort #BankingCrisis #GoldStandard #USMonetarySystem #LucasAndLuna #FexingoBusiness #EconomicsPodcast #BusinessPodcast #PodcastHistory Keep every episode free: buymeacoffee.com/fexingo

In this episode of The Economic History Podcast, Lucas and Luna explore the Florida land boom of the 1920s — a speculative frenzy in real estate that collapsed two years before the 1929 stock market crash. They examine the role of easy credit, out-of-state speculators, and the rise of 'binder boys' who flipped lots sight unseen. The episode focuses on the bust of 1926, when a hurricane and a railroad embargo punctured the bubble, wiping out investors and triggering bank failures from Miami to New York. Lucas explains how the land boom foreshadowed later housing bubbles, while Luna questions whether the parallels to 2008 are overblown. A concrete case study in how localized speculation can ripple into systemic risk. #EconomicHistory #FloridaLandBoom #1920sSpeculation #RealEstateBubble #HousingBust #1926Hurricane #BinderBoys #EasyCredit #SpeculativeFrenzy #MiamiRealEstate #CoralGables #GeorgeMerrick #CarlFisher #BankFailures #LessonsFromHistory #EconomicBubbles #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo

In 1819, the young United States experienced its first major financial crisis — a land bubble fueled by easy credit from the Second Bank of the United States, a collapse in cotton prices, and a wave of bank failures. Lucas and Luna walk through the mechanics of the panic, from the speculative land purchases in the Mississippi Valley to the sudden contraction that left farmers and merchants destitute. They discuss the parallels with modern boom-bust cycles, including the role of central bank policy and international trade shocks. The episode draws on specific data: land sales in 1818 vs. 1819, the drop in cotton prices, and the number of banks that suspended specie payments. It's a deep dive into the roots of American financial instability that still resonates two centuries later. #PanicOf1819 #FirstUSDepression #LandBubble #SecondBankOfTheUnitedStates #CottonPrices #SpeculativeBoom #BankFailures #SpeciePayments #EconomicHistory #FinancialCrisis #BoomAndBust #CentralBanking #Economics #FexingoBusiness #BusinessPodcast #HistoryOfFinance #LessonsFromHistory #MonetaryPolicy Keep every episode free: buymeacoffee.com/fexingo

In this episode, Lucas and Luna examine the collapse of Overend, Gurney & Co in 1866 — the bank that was 'too big to fail' before the phrase existed. They trace how a single discount house, the largest in England, grew so dominant that its failure triggered a run on the entire London banking system and forced the Bank of England to refuse a bailout. The episode walks through the specific numbers: Overend Gurney's £19 million in liabilities, the Bank of England's initial £4 million loan offer, and the eventual panic that shut down 200 banks. Lucas and Luna also discuss the parallels to 2008 — and where the Victorian response was actually tougher than ours. #OverendGurney #1866Panic #BankingCrisis #TooBigToFail #BankOfEngland #VictorianFinance #DiscountHouse #FinancialHistory #LondonStockExchange #LimitedLiability #WalterBagehot #LenderOfLastResort #Economics #Business #EconomicHistory #FexingoBusiness #BusinessPodcast #LessonsFromHistory Keep every episode free: buymeacoffee.com/fexingo

This episode of The Economic History Podcast dives into America's first financial crisis—the Panic of 1792—and how it shaped the young nation's banking system. Lucas and Luna explore the role of Treasury Secretary Alexander Hamilton, the speculative bubble in bank stocks, and the crash that nearly destroyed the new federal government. They unpack the origins of the Bank of the United States, the role of William Duer's insider trading, and how Hamilton's decisive intervention—buying government securities to inject liquidity—effectively created the blueprint for modern central bank crisis management. The episode draws parallels to later panics and asks whether Hamilton's playbook still works in the 21st century. Specific numbers include the $2.5 million market drop, the 15 percent plunge in bank shares, and the 100,000 government bonds Hamilton purchased to stabilize markets. Listeners will come away understanding why the Panic of 1792 is the forgotten template for every financial rescue from 1907 to 2008. #EconomicHistory #PanicOf1792 #AlexanderHamilton #WilliamDuer #WallStreetOrigins #BankOfTheUnitedStates #FinancialCrisis #CentralBanking #LiquidityCrisis #SpeculativeBubble #InsiderTrading #TreasuryDepartment #USHistory #Economics #FexingoBusiness #BusinessPodcast #PodcastEpisode #FinancialHistory Keep every episode free: buymeacoffee.com/fexingo

In May 1926, 1.7 million British workers walked off the job in solidarity with coal miners facing wage cuts and longer hours. The nine-day general strike paralyzed railways, docks, and newspapers — and forced Parliament to pass the 1927 Trade Disputes Act, which banned sympathy strikes and mass picketing. This episode traces how the strike started, why Stanley Baldwin's government called it a 'constitutional challenge,' and how the legal crackdown reshaped British labor relations for decades. We also look at what the strike cost: roughly 12 million working days lost, and a labor movement that wouldn't fully recover its bargaining power until the 1970s. A focused case study on the collision between industrial action and legislative reaction, with echoes that still resonate in today's strikes and labor law debates. #GeneralStrike1926 #BritishLaborHistory #TradeDisputesAct #StanleyBaldwin #CoalMiners #IndustrialAction #LaborLaw #EconomicHistory #Strike #1920s #UKPolitics #TradeUnions #WorkingClass #IndustrialRelations #History #Economics #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo

In this episode, Lucas and Luna revisit the 1973 oil embargo and its devastating economic consequences — not just the gas lines and stagflation, but the lesser-known story of how central banks were forced to abandon their traditional focus on interest rates and embrace money supply targets. They focus on the specific decision by then-Fed Chair Arthur Burns to loosen policy despite soaring inflation, a move that shaped monetary thinking for a generation. The hosts unpack the data: oil prices quadrupling, US inflation hitting 11 percent, and the Fed's policy rate staying negative in real terms for months. They also explore how Germany's Bundesbank took the opposite path and emerged with stronger credibility. A sharp, concrete look at how a supply shock broke the old economic consensus. #1973OilCrisis #ArthurBurns #Stagflation #OPECEmbargo #CentralBanking #MonetaryPolicy #FedHistory #Bundesbank #Inflation #OilShock #SupplyShock #NixonPriceControls #EconomicHistory #Economics #FexingoBusiness #BusinessPodcast #FexingoEconomics #Monetarism Keep every episode free: buymeacoffee.com/fexingo

In April 1962, President Kennedy faced off against the nation's largest steel companies when they raised prices despite his administration's plea for restraint. This episode dives into the tense three-day standoff that ended with U.S. Steel backing down, the antitrust threats and FBI investigations involved, and how the confrontation reshaped the relationship between the White House and corporate America. We explore the economic context of the early 1960s, the broader implications for wage-price guidelines, and whether this moment marked a peak in presidential power over industry or a cautionary tale about government overreach. Lucas and Luna unpack a pivotal episode in economic history where one letter and a few well-placed phone calls changed the course of business policy. #1962SteelCrisis #JohnFKennedy #USSteel #Antitrust #WagePriceGuidelines #ExecutivePower #EconomicHistory #BusinessHistory #KennedyAdministration #SteelIndustry #PriceControls #FederalIntervention #Economics #HistoryPodcast #FexingoBusiness #BusinessPodcast #LessonsFromHistory #TheEconomicHistoryPodcast Keep every episode free: buymeacoffee.com/fexingo

Long before there was a Federal Reserve or a Bank of England lender of last resort, a single bank failure in London in June 1772 triggered a chain reaction that shattered credit across Europe and the American colonies. This episode traces the collapse of the banking house Neal, James, Fordyce, and Down, and shows how a speculative mania in East India Company stock, combined with a web of short-term bills of exchange, produced a crisis so severe it forced the Bank of England to intervene in ways it never had before. Hosts Lucas and Luna walk through the mechanics of an eighteenth-century panic—how a single forged bond brought down a major bank, how information traveled by horse and ship to spread the contagion, and how the Bank of England's reluctant decision to lend freely became the blueprint for every central bank since. They also explore the aftermath: the collapse of the Ayr Bank in Scotland, the near-bankruptcy of the East India Company, and the political fallout that reshaped British financial regulation. If today was actually useful to you, the way these stay ad-free is listener support—buy me a coffee dot com slash fexingo. #1772CreditCrisis #NealJamesFordyce #BankOfEngland #CentralBanking #FinancialHistory #LenderOfLastResort #EastIndiaCompany #AyrBank #EighteenthCenturyFinance #EconomicHistory #PanicOf1772 #CreditContraction #BillOfExchange #SpeculativeBubble #FinancialCrisis #Economics #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo

In this episode of The Economic History Podcast, Lucas and Luna explore the 1914 emergency currency issuance—the Aldrich-Vreeland Act—that averted a financial collapse at the outbreak of World War I. They dive into how a forgotten 1908 law allowed banks to issue emergency notes backed by commercial paper and municipal bonds, preventing a repeat of the 1907 panic. The story reveals how a temporary measure became the blueprint for the Federal Reserve Act passed just months later, and why this little-known episode holds lessons for modern crisis management. #AldrichVreelandAct #EmergencyCurrency #1914FinancialCrisis #WorldWarI #FederalReserve #1907Panic #BankingHistory #EconomicHistory #CurrencyCrisis #LiquidityCrisis #USHistory #Economics #FinancialSystem #Podcast #FexingoBusiness #BusinessPodcast #HistoryLesson #CrisisManagement Keep every episode free: buymeacoffee.com/fexingo

In 1816, a massive volcanic eruption in Indonesia caused global temperatures to drop, leading to crop failures, food riots, and a severe economic crisis across the Northern Hemisphere. The episode explores how the 'Year Without a Summer' triggered the first wave of American protectionist tariffs, reshaped migration patterns, and gave rise to the Erie Canal. Lucas and Luna connect this climatic-economic shock to modern supply-chain disruptions and the political economy of trade policy, using specific data on grain prices, the 1816 Tariff Act, and the decision to build the Erie Canal. A vivid case study in how environmental shocks rewrite economic history. #YearWithoutASummer #1816 #MountTambora #EconomicHistory #Protectionism #TariffAct1816 #ErieCanal #CropFailure #SupplyChain #TradePolicy #ClimateEconomics #Migration #GrainPrices #EconomicNationalism #VolcanicWinter #FexingoBusiness #BusinessPodcast #Economics Keep every episode free: buymeacoffee.com/fexingo

In this episode of The Economic History Podcast, Lucas and Luna explore how a speculative mania for cotton and land in the 1830s led to the Panic of 1837, one of America's worst depressions. They focus on the role of President Andrew Jackson's Specie Circular — an 1836 executive order demanding gold or silver for federal land purchases — which triggered a credit crash. Lucas explains how the bubble inflated on British cotton demand and loose state banks, then popped when the Bank of England raised rates. Luna highlights parallels to modern asset bubbles, including the 2008 housing crash. Specific numbers: land sales skyrocketed from $2.5 million in 1832 to $25 million in 1836, then collapsed to $3 million in 1837. By 1839, 40% of U.S. banks had failed. The episode closes with a reflection on whether government intervention or laissez-faire is the better lesson. #PanicOf1837 #AndrewJackson #SpecieCircular #CottonBubble #BankingHistory #EconomicBubbles #LandSpeculation #MartinVanBuren #SecondBankOfTheUS #Depression #MonetaryPolicy #LaissezFaire #GovernmentIntervention #USHistory #Economics #FinancialCrisis #HistoryLesson #FexingoBusiness Keep every episode free: buymeacoffee.com/fexingo

In 1942, the U.S. government faced a funding crisis for World War II and radically changed how Americans pay taxes: it invented payroll withholding. Before that, taxes were paid in lump sums, and most people barely filed returns. Lucas and Luna explore how a Treasury official named Beardsley Ruml pushed through the 'pay-as-you-go' system, why it nearly failed in Congress, and how a single wartime necessity created the modern tax experience. They also unpack the unintended consequences: the erosion of taxpayer pain, the rise of refund culture, and what happens when a temporary war measure becomes permanent. #BeardsleyRuml #VictoryTax #WithholdingTax #PayAsYouGo #WWIIFinance #USHistory #TaxHistory #FiscalPolicy #TreasuryDepartment #1942 #CurrentTaxPaymentAct #WarFinance #TaxWithholding #EconomicHistory #PolicyDesign #FexingoBusiness #BusinessPodcast #Economics Keep every episode free: buymeacoffee.com/fexingo

In 1797, the United States had no navy, no standing army, and a merchant fleet that was being plundered by French privateers. The Quasi-War, an undeclared naval conflict with Revolutionary France, forced the young republic to build a navy from scratch in under two years. This episode dives into the economics of that buildup: how Congress borrowed $800,000, how private shipyards like the one in Baltimore churned out frigates like the USS Constellation, and how the cost of inaction—lost cargo, insurance premiums that tripled—finally outweighed the cost of building a fleet. We trace the ripple effects: the 1798 creation of the Department of the Navy, the rise of American shipbuilding as an industry, and the precedent for federal spending on national security that would shape U.S. fiscal policy for centuries. #QuasiWar #USNavy #1797 #NavalHistory #EconomicHistory #CongressionalBorrowing #Shipbuilding #USSConstellation #FrenchPrivateers #JohnAdams #AlexanderHamilton #DepartmentOfTheNavy #FederalSpending #NationalSecurity #BaltimoreShipyards #MerchantMarine #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo

Most people trace the Industrial Revolution to steam engines or cotton mills. But Lucas and Luna dig into a less famous catalyst: the Carron Ironworks, founded in 1759 in Stirlingshire, Scotland. By 1761, Carron was producing cannons for the British navy using a new process that slashed costs and boosted output. The episode explores how this single factory changed military economics, labor markets, and global trade patterns — and why its story matters for understanding industrial booms today. #CarronIronworks #IndustrialRevolution #EconomicHistory #Scotland #18thCentury #CannonProduction #Ironmaking #MilitaryEconomics #AdamSmith #BoultonAndWatt #Carronade #Entrepreneurship #SupplyChain #Productivity #FexingoBusiness #BusinessPodcast #PodcastEpisode #Economics Keep every episode free: buymeacoffee.com/fexingo

When prices crashed after World War I, the US didn't bail out businesses or print money. Instead, the government cut spending, raised rates, and let the economy reset. The result was a brutal 18-month contraction followed by one of the fastest recoveries on record. Lucas and Luna unpack the 1920-1921 depression—a forgotten episode that challenges every assumption about how to fight a recession. They look at how the Federal Reserve refused to act as lender of last resort, why wages fell 20 percent without mass unrest, and whether modern policymakers could even consider such a hands-off approach today. This is not a how-to guide, but a provocative case study in economic pain and rebound. #1920-1921Depression #GreatDepression #WarrenHarding #AndrewMellon #FederalReserve #Liquidationism #Deflation #EconomicRecovery #PostWWI #MonetaryPolicy #FiscalPolicy #LaborMarket #PriceAdjustment #Economics #BusinessCycle #FexingoBusiness #BusinessPodcast #EconomicHistory Keep every episode free: buymeacoffee.com/fexingo

In August 1971, President Nixon shocked the nation by imposing a 90-day freeze on wages, prices, and rents. This episode of The Economic History Podcast explores the origins of that decision, from a collapsing Bretton Woods system to rising unemployment and inflation. Lucas and Luna examine how controls failed to tame inflation, distorted markets with shortages, and eventually collapsed, setting the stage for the stagflation of the 1970s. They discuss the role of the newly created Cost of Living Council, the 1973 oil shock, and the lesson that price controls cannot fix underlying monetary imbalances. A relevant history as central banks today navigate similar trade-offs. #RichardNixon #WagePriceControls #NixonShock #BrettonWoods #Inflation #Stagflation #CostOfLivingCouncil #1970sEconomy #OPEC #OilShock #FederalReserve #ArthurBurns #EconomicHistory #PriceControls #Unemployment #Economics #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo

In 1837, a land bubble, a cotton crash, and Andrew Jackson's banking war triggered America's first truly national economic crisis — a depression that lasted six years and reshaped the country's financial architecture. Lucas and Luna walk through the chain reaction: how a speculative boom in Western land sales, fueled by easy credit from state-chartered banks, collapsed when the Bank of England raised rates and European demand for cotton dried up. They focus on the particular role of Jackson's Specie Circular — an 1836 executive order requiring land purchases to be paid in gold or silver — which drained bank reserves and accelerated the crash. They connect it to the modern tension between central bank policy and political pressure, drawing a line to today's debates about Federal Reserve independence. A concrete historical case with a clear modern echo. #PanicOf1837 #AndrewJackson #SpecieCircular #BankOfTheUnitedStates #MartinVanBuren #CottonCrash #LandSpeculation #EconomicDepression #HardMoney #StateBanks #BankingHistory #EconomicHistory #Economics #USHistory #FinancialCrisis #FexingoBusiness #BusinessPodcast #TheEconomicHistoryPodcast Keep every episode free: buymeacoffee.com/fexingo

Lucas and Luna revisit the 2000 dot-com crash, focusing on one company: Pets.com. They trace how venture capital flooded the sector, the fatal assumption that web traffic alone justified valuations, and why the aftermath reshaped Silicon Valley's approach to unit economics. Specific numbers: Pets.com burned $300 million in 18 months on $60 million in revenue. The episode draws parallels to the 2021 SPAC boom and asks what today's investors might still be getting wrong about growth at any cost. #DotComBust #PetsCom #VentureCapital #UnitEconomics #SPAC #SiliconValley #EconomicHistory #StockMarketCrash #InternetBubble #IPO #Profitability #Valuation #BusinessLessons #FexingoBusiness #BusinessPodcast #Finance #Economics #History Keep every episode free: buymeacoffee.com/fexingo

In 1923, Germany's hyperinflation reached its peak — prices doubled every few days, life savings evaporated, and a loaf of bread cost billions of marks. This episode examines the mechanics behind the collapse: how war reparations, passive resistance, and the Reichsbank's printing press created a self-feeding spiral. We trace the human toll — pensioners wiped out, speculators enriched, the middle class radicalized — and ask what structural lessons the episode holds for modern economies. Lucas and Luna discuss why the 1923 crisis was not just a monetary failure but a political and social earthquake that paved the way for extremism. Specific numbers include the 1 trillion mark note, the dollar-to-mark exchange rate, and the temporary introduction of the Rentenmark. A focused look at how inflation can destroy more than currency. #Hyperinflation #WeimarRepublic #1923 #GermanHistory #MonetaryPolicy #CentralBanking #Rentenmark #EconomicCollapse #WarReparations #PassiveResistance #Reichsbank #HjalmarSchacht #CurrencyReform #MiddleClass #Extremism #Economics #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo

In 1913, after decades of financial panics, the US Congress passed the Federal Reserve Act. But the central bank we know today almost didn't exist. Episode 39 of The Economic History Podcast digs into the unlikely alliance that created the Fed: the secret meeting at Jekyll Island, the resistance from populist farmers, and the last-minute political compromises that shaped a system still governing US monetary policy. Lucas and Luna explore how the 1907 panic, the National Monetary Commission, and the battle between Wall Street and Main Street produced a central bank that was deliberately weak, regionally divided, and almost immediately tested by World War I. If you think the Fed is old and settled, this story will surprise you. #FederalReserve #1913 #JekyllIsland #CentralBanking #MonetaryPolicy #EconomicHistory #1907Panic #WoodrowWilson #CarterGlass #AldrichPlan #NationalMonetaryCommission #PaulWarburg #Populism #BankingReform #USHistory #Economics #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo

In October 1902, 140,000 coal miners walked off the job in Pennsylvania, shutting down half the nation's anthracite supply as winter approached. President Theodore Roosevelt stepped in — not with troops to break the strike, but with an unprecedented commission that gave miners a wage hike while recognizing no union. This episode unpacks how that strike rewrote the rules of federal labor intervention, setting a template for every presidential mediation from Taft to Biden. Lucas and Luna drill into the numbers: the 10% wage increase miners won, the nine-hour day, and the political calculus that made Roosevelt a trust-buster in the eyes of the public while keeping coal flowing. They also explore what the strike's resolution meant for the United Mine Workers — a union that doubled its membership within a year but paid a long-term price for accepting arbitration over recognition. #1902CoalStrike #AnthraciteCoal #TheodoreRoosevelt #UnitedMineWorkers #LaborHistory #FederalIntervention #Arbitration #PennsylvaniaHistory #GildedAge #ProgressiveEra #JohnMitchell #GeorgeBaer #CoalMiners #Strike #Economics #BusinessHistory #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo

In this episode, Lucas and Luna revisit the Savings and Loan Crisis of the 1980s and early 1990s, which cost American taxpayers over $150 billion. They focus on the specific deregulatory moves—like the Garn-St. Germain Act of 1982—that allowed thrifts to gamble on risky commercial real estate and junk bonds. Lucas explains how the 'moral hazard' problem played out in real time, with directors of insolvent S&Ls doubling down on bad bets. Luna highlights the role of the Keating Five scandal, where five U.S. senators intervened with regulators on behalf of Charles Keating's Lincoln Savings and Loan. They also draw a contrast with the 2008 financial crisis, noting key differences in regulatory architecture and the speed of government intervention. The episode closes with a reflection on what lessons from the S&L crisis still apply today, especially regarding deposit insurance and regulatory capture. #SavingsAndLoanCrisis #GarnStGermainAct #KeatingFive #CharlesKeating #MoralHazard #DepositInsurance #S&L #ThriftIndustry #1980sDeregulation #FinancialCrisis #RTC #LincolnSavings #CrisisHistory #EconomicHistory #Economics #FexingoBusiness #BusinessPodcast #LessonsLearned Keep every episode free: buymeacoffee.com/fexingo

In August 1981, 13,000 air traffic controllers walked off the job, and President Reagan fired them all within 48 hours. This episode of The Economic History Podcast with Fexingo examines the PATCO strike not just as a labor showdown, but as a pivotal moment in the economics of bargaining power, wage setting, and the decline of organized labor in the United States. Lucas and Luna walk through the strike's immediate trigger — a rejected contract offer — and its lasting effects: how it changed the balance of power between employers and unions, contributed to a decade of wage stagnation, and became a template for corporate resistance to collective bargaining. They also connect it to the broader macroeconomic environment of the early 1980s: high inflation, a hawkish Federal Reserve under Paul Volcker, and a newly deregulatory political mood. Why did a single strike matter so much? And what does it tell us about labor markets today? #PATCO #AirTrafficControllerStrike #RonaldReagan #UnionDecline #LaborEconomics #WageStagnation #1980sEconomy #EconomicHistory #LaborUnions #Strike #CollectiveBargaining #Volcker #Deregulation #PublicSectorUnions #FexingoBusiness #BusinessPodcast #Economics #Podcast Keep every episode free: buymeacoffee.com/fexingo

Episode 35 takes us to 1966, when a quiet squeeze in bank lending triggered something that had never happened before: banks actually turned away customers. Lucas and Luna unpack the 'credit crunch' that forced the Federal Reserve to invent modern monetary targeting, reshaped how banks manage liquidity, and gave us the vocabulary we still use today—from certificates of deposit to the federal funds rate. It's a story about a small regulatory change, a panic in the bond market, and a lesson in how central banks learned to talk to the public. If you've ever wondered why your bank calls you about loans, this episode traces it back to one hot summer in the mid-sixties. #CreditCrunch1966 #FederalReserve #MonetaryPolicy #BankingHistory #CertificatesOfDeposit #Disintermediation #WilliamMcChesneyMartin #RegulationQ #LiquidityCrisis #CentralBanking #Economics #FexingoBusiness #BusinessPodcast #EconomicHistory #1960sEconomy #MoneySupply #FedFundsRate #BankingInnovation Keep every episode free: buymeacoffee.com/fexingo

Episode 34 of The Economic History Podcast explores the Panic of 1907, a financial crisis that nearly collapsed the US banking system. Lucas and Luna break down the specific trigger: the failed attempt to corner the copper market by F. Augustus Heinze and Charles Morse, which brought down the Knickerbocker Trust. They focus on two key figures: J.P. Morgan, who organized a private bailout from his library, and the US Treasury's reluctant role. The episode drills into how this panic directly led to the creation of the Federal Reserve in 1913, changing American banking forever. No vague history lessons—just the specific numbers, names, and decisions that mattered. If you've ever wondered why the Fed exists, this episode gives you the concrete origin story. #PanicOf1907 #JP Morgan #KnickerbockerTrust #F Augustus Heinze #CharlesMorse #CopperCorner #BankingPanic #FederalReserve #CentralBanking #EconomicHistory #Economics #Business #Finance #WallStreet #TrustCompanies #LiquidityCrisis #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo

In episode 33, Lucas and Luna revisit the forgotten depression of 1920-21—a severe recession that saw unemployment hit 11.7%, industrial production drop 23%, and wholesale prices collapse by 40%. Unlike the 1930s, the government slashed spending, raised interest rates, and did almost nothing. The result? A rapid V-shaped recovery. The hosts examine the mechanics: the Federal Reserve’s sharp discount rate hikes, Treasury Secretary Andrew Mellon’s spending cuts, the collapse of the postwar commodity bubble, and the dramatic wage and price adjustments that cleared labor and goods markets. They also explore why this episode has been weaponized in modern policy debates, and why the comparison with 1929 is far more complicated than advocates suggest. A tight, data-driven look at a depression that ended in 18 months—and what it does and doesn't teach us about austerity, monetary tightening, and recovery. #DepressionOf1920 #AndrewMellon #FederalReserve #PostwarRecession #VShapedRecovery #AusterityDebate #MonetaryTightening #CommodityBubble #DiscountRate #WholesalePrices #WarrenHarding #LaborMarket #EconomicHistory #Economics #BusinessPodcast #FexingoBusiness #PastRecessions #LessonsFromHistory Keep every episode free: buymeacoffee.com/fexingo

Episode 32 of The Economic History Podcast takes you inside the Panic of 1873 — the banking crisis that spiraled into a global depression lasting six years. Lucas and Luna unpack the collapse of Jay Cooke & Company, the role of railroad overbuilding and speculative lending, the failure of the Coinage Act of 1873 to stabilize the currency, and why this episode became known as the 'Great Depression' before the 1930s took the title. They examine how the crisis reshaped American monetary politics, fueling the Greenback movement and the populist fight for free silver. Listeners learn why a single Philadelphia bank failure triggered a cascade across New York, Europe, and beyond, and how the lessons of 1873 echo in modern financial crises. Perfect for anyone wanting a concrete understanding of how panic propagates through a credit-driven economy. #PanicOf1873 #LongDepression #JayCooke #RailroadBonds #CoinageAct #GreenbackMovement #FreeSilver #Bimetallism #GildedAge #BankingCrisis #EconomicHistory #CreditPanic #Deflation #PopulistEconomics #WorldHistory #Recession #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo

In 1937, the US economy was finally climbing out of the Great Depression. Then it fell off a cliff. This episode unpacks the 'recession within a depression' — how FDR's policy pivot, premature austerity, and Fed tightening snuffed out a recovery that was just finding its footing. We look at the specific trigger: the Federal Reserve doubling reserve requirements in 1936 and 1937, and the Treasury's simultaneous move to sterilize gold inflows. Why did policymakers think tightening was safe? And what does 1937 teach us about withdrawing stimulus too early — a lesson that haunted the 2009 recovery debates and still echoes in fiscal policy today. Lucas and Luna walk through the numbers, the personalities (Marriner Eccles, Henry Morgenthau), and the bitter irony of a depression within the Depression. #GreatDepression #1937Recession #FDR #FederalReserve #MarrinerEccles #HenryMorgenthau #FiscalPolicy #MonetaryPolicy #Austerity #NewDeal #ReserveRequirements #GoldInflows #DepressionWithinDepression #EconomicHistory #Economics #FexingoBusiness #BusinessPodcast #LessonsFromHistory Keep every episode free: buymeacoffee.com/fexingo

In 1879, the U.S. government redeemed greenback dollars for gold at par for the first time since the Civil War — a bet that ended years of deflationary chaos and restored global trust in American currency. Lucas and Luna trace how Treasury Secretary John Sherman orchestrated a four-year buildup of gold reserves, why the timing mattered for railroads and farmers, and what the episode reveals about the political difficulty of sound money. They also unpack the parallel with modern post-pandemic inflation-fighting: both eras required sustained credibility through concrete action, not just promises. Specific numbers include the $346 million gold reserve target and the $95 million greenback contraction that preceded resumption. #GoldResumption #JohnSherman #Greenbacks #Deflation #SoundMoney #CivilWarFinance #SpecieResumption #NationalBankingEra #TreasuryDepartment #MonetaryPolicy #USHistory #Economics #FexingoBusiness #BusinessPodcast #EconomicHistory #Inflation #GoldStandard #1879 Keep every episode free: buymeacoffee.com/fexingo

What does a buttonwood tree have to do with Wall Street? In this episode, Lucas and Luna explore the Panic of 1792 — a credit crisis that nearly collapsed the young US government and led directly to the Buttonwood Agreement, the document that founded the New York Stock Exchange. They walk through Alexander Hamilton's debt assumption plan, the speculative mania in bank stocks, the collapse of William Duer, and the first coordinated federal bailout. Along the way, they draw parallels to modern market panics and ask whether central bank intervention really solves the problem or just delays it. A compact history of how America's first financial crisis created its most enduring institution. #PanicOf1792 #ButtonwoodAgreement #NewYorkStockExchange #AlexanderHamilton #WilliamDuer #CreditCrisis #SpeculativeMania #BankStocks #FederalBailout #EconomicHistory #WallStreet #DebtAssumption #LenderOfLastResort #USFinance #1790s #FexingoBusiness #BusinessPodcast #Economics Keep every episode free: buymeacoffee.com/fexingo

In this episode, Lucas and Luna explore the 1791-1794 Whiskey Rebellion, the first major test of federal tax authority under the U.S. Constitution. They trace how Treasury Secretary Alexander Hamilton's excise tax on distilled spirits—designed to fund revolutionary war debt and assert federal power—triggered a violent uprising in western Pennsylvania. The hosts unpack the economics of the tax: why whiskey was currency on the frontier, how the tax burden fell disproportionately on small farmers versus large distillers, and how President Washington's 13,000-man militia response set a precedent for federal enforcement. They also draw a line to modern debates about tax design, regional inequality, and state capacity. Key figures include Hamilton, Washington, and tax rebel leaders like William Findley. No prior episode has covered this early American fiscal crisis. #EconomicHistory #WhiskeyRebellion #AlexanderHamilton #GeorgeWashington #ExciseTax #AmericanHistory #TaxPolicy #FederalPower #1790s #Pennsylvania #FiscalHistory #Insurrection #EarlyRepublic #HistoryOfTaxation #Economics #FexingoBusiness #BusinessPodcast #USHistory Keep every episode free: buymeacoffee.com/fexingo

In 1860, the Pony Express charged $5 per half-ounce letter — the equivalent of $150 today. This episode of The Economic History Podcast with Fexingo examines how the Pony Express became a natural experiment in price discrimination and the economics of speed. Lucas and Luna trace how the service priced urgency across the American frontier, why its rates collapsed so quickly, and what that tells us about modern premium delivery, express shipping, and the trade-off between time and money. They also look at how the transcontinental telegraph killed the Pony Express in just 18 months, and how that mirrors today's disruption of same-day delivery by digital alternatives. A focused case study on how markets value speed. #PonyExpress #EconomicHistory #PriceDiscrimination #SpeedEconomics #FrontierEconomy #Telegraph #DeliveryEconomics #PremiumPricing #1860s #AmericanHistory #Transportation #BusinessModel #DigitalDisruption #FexingoBusiness #BusinessPodcast #Economics #History #Infrastructure Keep every episode free: buymeacoffee.com/fexingo

In 1877, a 10% pay cut on the Baltimore & Ohio Railroad sparked the first nationwide labor uprising in American history. This episode examines how the Great Railroad Strike of 1877 unfolded, the economic backdrop of the Long Depression, and the lasting consequences for labor relations, federal intervention, and corporate power. Lucas and Luna walk through the specific triggers, the spread from Baltimore to Pittsburgh to Chicago, the use of federal troops, and the strike's legacy in shaping the modern labor movement. A focused look at a pivotal moment in economic history that still echoes in debates over workers' rights and government power. #GreatRailroadStrike1877 #LaborHistory #EconomicHistory #LongDepression #BaltimoreAndOhio #FederalTroops #HaymarketAffair #LaborDay #WorkersRights #Railroad #Strike #GildedAge #AmericanHistory #Economics #Podcast #FexingoBusiness #BusinessPodcast #HistoryLesson Keep every episode free: buymeacoffee.com/fexingo

In this episode, Lucas and Luna explore the Panic of 1857 — a financial crisis sparked by the collapse of a single bank, the Ohio Life Insurance and Trust Company, that spread from Wall Street to the American heartland and across the Atlantic to London and Hamburg. They focus on two specific numbers: the $7 million in deposits that vanished overnight, and the 78 percent drop in railroad stock values in just six weeks. The episode traces how the panic revealed the fragility of the young global financial system, led to the first coordinated central bank response across borders, and set the stage for the Civil War. Lucas and Luna discuss the role of the recently completed telegraph network in accelerating the panic, and what modern investors can learn from a crisis where information traveled faster than ever before — a lesson that echoes in today's high-speed markets. #PanicOf1857 #OhioLifeInsurance #RailroadBoom #FinancialCrisis #GlobalFinance #Telegraph #BankingPanic #19thCenturyEconomics #CentralBankCoordination #BankOfEngland #CivilWarOrigins #WallStreetHistory #EconomicHistory #Economics #BusinessPodcast #FexingoBusiness #HistoryOfFinance #CrisisLessons Keep every episode free: buymeacoffee.com/fexingo

In 1825, a stock mania in Latin American mining shares and a speculative bubble in British joint-stock companies burst, triggering a banking crisis that nearly collapsed the entire English financial system. Lucas and Luna explore how the Bank of England, after initially tightening credit, was forced to reverse course and lend freely against sound collateral — a move that effectively invented the modern concept of a lender of last resort. They unpack the specific failures: the collapse of 200 banks, the role of country note-issuing banks, and the famous story of the Bank of England discovering a forgotten box of Exchequer bills in its own vault. The episode draws a direct line from that crisis to the thinking of Walter Bagehot, who codified the doctrine forty years later, and to today's central bank emergency lending facilities. This is the forgotten crisis that taught central banks how to stop a panic. #PanicOf1825 #BankOfEngland #LenderOfLastResort #WalterBagehot #FinancialCrisis #CentralBanking #EconomicHistory #BankingPanic #SpeculativeBubble #LatinAmericanMining #JointStockCompanies #ExchequerBills #BankRun #MonetaryPolicy #BusinessCycle #Economics #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo

In this episode of The Economic History Podcast, Lucas and Luna explore the Quasi-War of 1797-1800—an undeclared naval conflict with France that forced the young American republic to build a standing navy from scratch. They trace how this military build-up catalyzed the rise of domestic shipbuilding, iron forging, and insurance industries, turning a security crisis into an economic launchpad. Specific numbers: the US Navy budget jumped from zero to $10 million in three years (roughly $300 million in today's dollars), and the private shipyards of Boston, Philadelphia, and Baltimore doubled their workforce. Lucas connects this to modern defense-industrial policy, asking whether security threats can sometimes spark long-term economic development. Luna challenges the framing, pointing out that military Keynesianism has a mixed track record. A focused deep dive into how a forgotten war shaped American industry. #QuasiWar #USNavy #EconomicHistory #DefenseSpending #1797 #Shipbuilding #IndustrialPolicy #MilitaryKeynesianism #FexingoBusiness #BusinessPodcast #Economics #JohnAdams #XYZAffair #BostonShipyards #IronForging #MarineInsurance #AmericanIndustry #NationalSecurity Keep every episode free: buymeacoffee.com/fexingo

In this episode, Lucas and Luna explore the 1973 oil embargo and its lasting economic impact. They focus on the specific trigger: the Yom Kippur War and OPEC's subsequent cut in production, which caused oil prices to quadruple within months. The hosts trace how this shock led to the term 'stagflation' — a combination of high inflation and stagnant growth that defied the prevailing Phillips Curve model. They discuss the effect on U.S. monetary policy, the rise of conservation measures like the 55 mph speed limit, and how the crisis reshaped energy policy for decades. Lucas highlights the role of the Federal Reserve under Arthur Burns, who failed to act decisively against inflation until Paul Volcker's appointment in 1979. Luna notes the human element: the gas lines and rationing that disrupted daily life. The episode concludes by drawing parallels to modern energy price shocks and supply-side disruptions. #1973OilEmbargo #Stagflation #OPEC #YomKippurWar #ArthurBurns #PaulVolcker #PhillipsCurve #FederalReserve #Inflation #EnergyCrisis #GasLines #Rationing #USMonetaryPolicy #SupplyShock #EconomicHistory #Economics #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo

In this episode, Lucas and Luna explore the Panic of 1837, a depression triggered by Andrew Jackson's Specie Circular, which required land payments in gold or silver. They trace how the collapse of cotton prices, British credit tightening, and the failure of state-chartered 'wildcat' banks led to a six-year contraction. The episode drills into the specific mechanism: Jackson's destruction of the Second Bank of the United States created a vacuum filled by hundreds of undercapitalized state banks that lent recklessly against inflated land values. When the Circular hit, banks called in loans, sparking runs and failures. The discussion also covers the lasting legacy: the shift toward state-level banking regulation, the rise of free banking laws, and how the panic cemented America's distrust of centralized finance for decades. #PanicOf1837 #AndrewJackson #SpecieCircular #WildcatBanks #SecondBankOfTheUS #CottonPrices #LandSpeculation #MartinVanBuren #FreeBanking #StateBanks #HardMoney #BankingPanic #EconomicHistory #Economics #FexingoBusiness #BusinessPodcast #LessonsFromHistory #DepressionEra Keep every episode free: buymeacoffee.com/fexingo

When the Nasdaq peaked at 5048 in March 2000 and then cratered nearly 80 percent by October 2002, plenty of pundits declared venture capital dead. But a small subset of firms — Benchmark, Sequoia, and a handful of others — survived and even thrived through the wreckage. This episode unpacks how they did it: cash preservation, portfolio triage, and a contrarian willingness to invest through the downturn. We walk through the mechanics of VC's forgotten 'living dead' problem, the hidden returns from follow-on investments during the bust, and why the 2000 crash actually made later venture returns stronger. Two specific data points anchor the conversation: the $2.7 billion that top-quartile funds returned to LPs between 2001 and 2003, and the surprising fact that more than a third of all venture-backed IPOs from 2002 to 2004 had received their first funding during the crash. Lucas and Luna draw the line from 2000 to today's cautious capital environment, asking what the dot-com shakeout really teaches about resilience in startup finance. #DotComBust #NasdaqCrash #VentureCapital #BenchmarkCapital #SequoiaCapital #StartupFinance #LimitedPartners #IPO #PortfolioTriage #LivingDeadStartups #2000Recession #EconomicHistory #Economics #FexingoBusiness #BusinessPodcast #TheEconomicHistoryPodcast #PasteconomyLessons #VCLessons Keep every episode free: buymeacoffee.com/fexingo

In 1896, William Jennings Bryan delivered one of the most famous political speeches in American history: the 'Cross of Gold' speech. But beyond the rhetoric, his campaign represented a profound economic debate between gold and silver standards that pitted farmers and debtors against Eastern banks and industrialists. This episode of The Economic History Podcast breaks down the economics behind bimetallism: why farmers wanted silver, why the gold standard crushed agricultural prices, and how the 1896 election shaped U.S. monetary policy for decades. Lucas and Luna explore the real economic forces — falling crop prices, railroad monopolies, and a fixed money supply — that made Bryan's message resonate with millions, even as he lost the election. They also examine how the gold standard eventually fell in 1971, proving Bryan's critique had long-term validity. If you've ever wondered why populist movements demand monetary reform, this episode explains the original blueprint. #CrossOfGold #WilliamJenningsBryan #Bimetallism #GoldStandard #SilverStandard #PopulistEconomics #1896Election #MonetaryPolicy #AmericanHistory #FarmersRevolt #FreeSilver #EconomicHistory #McKinley #Deflation #MoneySupply #Economics #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo

In April 1962, U.S. Steel announced a 3.5% price increase, breaking a tacit anti-inflation agreement with President John F. Kennedy. Kennedy's furious response — jawboning, FBI investigations, and a reference to his father's supposed betrayal — forced a rapid rollback but triggered the worst stock market crash since 1929. This episode unpacks how a single industry decision collided with macroeconomic policy, the limits of presidential jawboning, and why the episode still haunts White House economic strategy. Lucas and Luna explore the personalities, the market fallout, and the enduring lesson about jawboning versus actual price controls. Specific figures: U.S. Steel CEO Roger Blough, JFK's 1961 'guideposts' for noninflationary wage and price behavior, and the May 28, 1962 market plunge that erased $20 billion in market value in a single day. #1962SteelCrisis #JFK #RogerBlough #U.S.Steel #Jawboning #PresidentialPower #MarketCrash1962 #InflationPolicy #Guideposts #SteelIndustry #Antitrust #EconomicHistory #Economics #BusinessHistory #FexingoBusiness #BusinessPodcast #TheEconomicHistoryPodcast #LessonsFromHistory Keep every episode free: buymeacoffee.com/fexingo

In this episode of The Economic History Podcast, Lucas and Luna dive into the German hyperinflation of 1923—a thermodynamic collapse of a currency that destroyed middle-class savings, rewired German politics, and forced the world to rethink central banking. They focus on a single startling number: the exchange rate of the mark against the US dollar went from 4.2 marks in 1914 to 4.2 trillion marks by November 1923. They explore how the Weimar Republic's desperate money-printing to pay reparations led to wheelbarrows of cash for bread, the rise of barter economies, and the eventual creation of the Rentenmark—a land-backed currency that stopped the spiral in its tracks. Along the way, they draw a line to why modern central banks obsess over credibility, independence, and inflation targeting. The episode also includes a brief, organic mention of how listener support through buy me a coffee dot com slash fexingo keeps this ad-free history series going. #GermanHyperinflation #1923 #WeimarRepublic #Rentenmark #CentralBanking #Inflation #HjalmarSchacht #TreatyOfVersailles #CurrencyCrisis #EconomicHistory #MonetaryPolicy #BarterEconomy #PriceStability #HistoryLessons #Economics #FexingoBusiness #BusinessPodcast #TheEconomicHistoryPodcast Keep every episode free: buymeacoffee.com/fexingo

Lucas and Luna explore the economic impact of the 1911 Triangle Shirtwaist Factory fire, which killed 146 garment workers in New York City. They examine how the tragedy reshaped labor markets, ignited the modern workers' compensation system, and drove regulatory changes that economists still study as a case of 'safety regulation as productivity'—where stricter rules actually boosted long-term efficiency. Drawing on historical wage data and insurance records, the hosts reveal how the fire cost employers roughly $200 million in today's dollars from lost labor and liability, yet sparked innovations in workplace safety that saved billions over the following century. The episode ties these lessons to contemporary debates about gig economy protections and occupational health standards, arguing that the fire's economic aftermath offers a powerful blueprint for evaluating regulation today. #TriangleShirtwaistFire #WorkplaceSafety #LaborEconomics #Regulation #WorkersCompensation #EconomicHistory #1911 #NewYorkCity #GarmentIndustry #IndustrialAccidents #SafetyRegulation #Productivity #Insurance #LaborMarkets #FexingoEconomics #FexingoBusiness #BusinessPodcast #EconomicsPodcast Keep every episode free: buymeacoffee.com/fexingo

Most of us think we know the story of 1630s Dutch tulip mania — speculators paying a year's salary for a single bulb, then a sudden crash that ruined an entire economy. Episode 15 of The Economic History Podcast digs into what actually happened. Lucas and Luna walk through the real numbers: how many people were involved (very few), how much money was at stake (far less than the VOC or Dutch real estate), and why the myth of a nation ruined by flower speculation was largely invented by later moralists. They unpack the role of futures contracts, the plague year context, and the surprising fact that the Dutch economy kept booming after the bulb prices collapsed. A sharp corrective to one of history's most overused cautionary tales. #TulipMania #DutchGoldenAge #EconomicHistory #SpeculativeBubbles #FuturesContracts #PlagueYear1637 #VOC #AmsterdamExchange #MarketMyths #FinancialHistory #AssetBubbles #EconomicLessons #HistoryReexamined #Speculation #Economics #FexingoBusiness #BusinessPodcast #TheEconomicHistoryPodcast Keep every episode free: buymeacoffee.com/fexingo

In this episode, Lucas and Luna dive into the 1772 credit crisis—a financial panic that began in London and spread across Europe, forcing the closure of the Ayr Bank in Scotland and shaking the British Empire. They explore how Alexander Fordyce's speculative bets and a web of interconnected bills of exchange created a systemic collapse eerily similar to modern banking runs. Lucas breaks down the mechanics of 18th-century shadow banking, the role of the Bank of England as a reluctant lender of last resort, and how this crisis influenced Adam Smith's thinking on banking regulation. Luna questions whether the lessons—about leverage, counterparty risk, and moral hazard—were actually learned. The episode ties the 1772 panic to the 2008 financial crisis, showing how much (and how little) has changed in 250 years. Specific numbers: the Ayr Bank's £3 million in liabilities, the Bank of England's £1.5 million liquidity injection. This is economic history that feels startlingly contemporary. #1772CreditCrisis #AlexanderFordyce #AyrBank #AdamSmith #BankOfEngland #FinancialPanic #ShadowBanking #BillsOfExchange #LenderOfLastResort #MoralHazard #SystemicRisk #EconomicHistory #BankingPanic #18thCenturyFinance #Economics #HistoryLessons #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo

Episode 13 of The Economic History Podcast with Fexingo dives into the Panic of 1819 — America's first major financial crisis. Lucas and Luna explore how a post-war boom, reckless land speculation, and a sudden contraction by the Second Bank of the United States triggered a depression that lasted six years. They discuss the parallels to modern boom-bust cycles, including the 2008 housing crash, and explain why this forgotten panic shaped American banking and politics for decades. Specific numbers: land prices fell 50-70 percent, the Bank's lending dropped from $50 million to $20 million, and unemployment in Philadelphia hit 20 percent. The episode connects the dots between then and now, questioning whether central banks ever learn to manage the cycle. #PanicOf1819 #FirstGreatDepression #EconomicHistory #SecondBankOfTheUS #LandSpeculation #BoomBustCycle #CentralBanking #FinancialCrisis #AmericanHistory #LendingContraction #HousingBubble #MonetaryPolicy #JamesMonroe #NicholasBiddle #LangdonCheves #Economics #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo

Lucas and Luna revisit the Panic of 1907, a banking crisis that nearly collapsed the U.S. financial system and directly led to the creation of the Federal Reserve in 1913. They zero in on the specific trigger: a failed attempt to corner the copper market by a speculator named F. Augustus Heinze. When Heinze's scheme unraveled, it brought down a chain of banks and trust companies, sparking a nationwide run. The key figure who stepped in to stop the panic was J.P. Morgan, who personally organized a private rescue of the banking system from his library in Manhattan. This episode contrasts the ad hoc response by Morgan with the permanent lender-of-last-resort structure the Fed later provided. Lucas argues that the Panic of 1907 is a textbook lesson in why centralized liquidity matters during a financial crisis, and Luna pushes back on whether the Fed has always used its powers wisely. A specific, high-stakes historical case with clear modern relevance. #PanicOf1907 #FederalReserve #JPMorgan #FAugustusHeinze #KnickerbockerTrust #BankingCrisis #LenderOfLastResort #CentralBank #CopperCorner #FinancialHistory #EconomicHistory #BankRun #TrustCompanies #Economics #FexingoBusiness #BusinessPodcast #HistoryLessons #FinancialCrisis Keep every episode free: buymeacoffee.com/fexingo

In 1922, Austria's post-WWI government printed money so aggressively that prices doubled every two weeks. Lucas and Luna unpack the mechanics of the crown's collapse—how a desperate central bank, reparations demands, and political paralysis created one of history's most extreme hyperinflations. They trace the chain from currency depreciation to social breakdown, and ask why the crisis ended so abruptly in 1924 with the League of Nations loan. A focused look at monetary policy failure, the velocity of money in real time, and what modern central bankers still fear about losing control. #AustrianHyperinflation #WeimarRepublic #LeagueOfNations #MonetaryPolicy #CentralBanking #Hyperinflation #EconomicHistory #Austria #Reparations #CurrencyCrisis #MoneySupply #Inflation #FexingoBusiness #BusinessPodcast #Economics #History #1920s #PostWar Keep every episode free: buymeacoffee.com/fexingo