G. Edward Griffin on the Union’s Financial Challenges in the Civil War

„In the North, the sale of government bonds was the one measure for raising funds that seemed to work. Even that, however, with the lure of compounded interest to be paid in gold at a future date, failed to raise more than about half the needed amount. So the Union faced a real dilemma. The only options remaining were (1) terminate the war or (2) print fiat money. For Lincoln and the Republicans who controlled Congress, the choice was never seriously in doubt.“

G. Edward GriffinAnalysis of the Union's financing measures in the Civil War and the decision to print money by G. Edward Griffin.
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G. Edward Griffin is an American author, speaker, and filmmaker known for his critical works on conspiracy theories and political manipulation.

Historical reflection on the Union's financial challenges during the US Civil War and the decision to print fiat money.


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Quote by G. Edward Griffin on the Union's financial challenges during the Civil War

G. Edward Griffin is an American author, documentary filmmaker, and political activist. He is known for his works on controversial political subjects, including criticism of government institutions and exposing conspiracies. His well-known works analyze power structures and the manipulation of the public.

Quote on war financing and inflation by G. Edward GriffinCopyright © yoice.net – Quote Artwork
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"In the North, neither greenbacks, taxes, nor war bonds were enough to finance the war. So a national banking system was created to convert government bonds into fiat money, and the people lost over half of their monetary assets to the hidden tax of inflation. In the South, printing presses accomplished the same effect, and the monetary loss was total." G. Edward Griffin
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G. Edward Griffin quote about federal government expenses, taxes, and deficits during the Civil WarCopyright © yoice.net – Quote Artwork
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"During the fiscal year ending in 1861, expenses of the federal government had been ? million. After the first year of armed conflict they were ? million and, by 1865, had risen to one billion, three-hundred million dollars. On the income side of the ledger, taxes covered only about eleven per cent of that figure. By the end of the war, the deficit had risen to ?.61 billion. That money had to come from somewhere." G. Edward Griffin
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Quote image featuring G. Edward Griffin on Abraham Lincoln, the Civil War, and the antislavery crusadeCopyright © yoice.net – Quote Artwork
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"Converting the war into an antislavery crusade was a brilliant move on Lincoln's part, and it resulted in a surge of voluntary recruits into the Union army. But this did not last. Northerners may have disapproved of slavery in the South but, once the bloodletting began in earnest, their willingness to die for that conviction began to wane. [...] Lincoln faced the embarrassing reality that he soon would have no army to carry on the crusade." G. Edward Griffin
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Quote by G. Edward Griffin about Lincoln's goals in the Civil War and the reasons for Southern secessionCopyright © yoice.net – Quote Artwork
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"If Lincoln's primary goal in the War was not the abolition of slavery but simply to preserve the Union, the question arises: Why did the Union need preserving? Or, more pointedly, why did the Southern states want to secede?" G. Edward Griffin
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Quote by Henry Hazlitt about inflation and its unavoidable economic consequencesCopyright © yoice.net – Quote Artwork
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"If a government resorts to inflation, that is, creates money in order to cover its budget deficits or expands credit in order to stimulate business, then no power on earth, no gimmick, device, trick or even indexation can prevent its economic consequences." Henry Hazlitt
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Quote by G. Edward Griffin discussing slavery and economic interests as causes of the American Civil WarCopyright © yoice.net – Quote Artwork
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"[...] it is generally accepted that the Civil War was fought over the issue of slavery. That, at best, is a half-truth. Slavery was an issue, but the primary force for war was a clash between the economic interests of the North and the South. Even the issue of slavery itself was based on economics." G. Edward Griffin
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