Additionally, are there any documented cases of European students, particularly English or Scottish, travelling to the United States to receive a university education?
I learned this while studying international finance and it's strikingly similar to what's currently happening in Europe. According to Henning & Kessler (2012) prior to 1840 "the possibility of a federal bailout of states was a reasonable expectation; moral hazard was substantially present." Moral hazard meaning that individual "free-rider" states were behaving irresponsibly because they believed other states would have to bear the burden if they were unable to meet their obligations on their own.
Lenders at the time believed that "the federal government’s guarantee, while not explicit, had been implied." Much the same as those who lent cheaply to Greece believing default was impossible, because being a eurozone member implied the eurozone would always bail them out.
"With the financial panic of 1837 and recession of 1839–43, however, much of the debt incurred became unserviceable." The United States realised it was a free-rider problem and refused to bail them out to deter this type of irresponsible behaviour in future, 9 states defaulted on their debts as a result.
"States that had defaulted returned to [sovereign debt] markets at a premium, whereas the others were able to borrow at normal rates relatively shortly after the crisis." By enforcing the no-bailout precedent the US overcame the free-rider/moral hazard problem in their economic union. From then on states behaved more responsibly and the irresponsible behaviour of one state could not harm the stability of other states.
"During the 1840s and 1850s, states adopted balanced budget amendments to their constitutions" much like those recently introduced in the UK. "Whereas no bailout request had been denied by the federal government prior to 1840 (Ratchford 1941), no such request has been granted since." Will 2015 be Europe's 1840? Is history repeating itself?
I read about the expansion west that occurred in the US towards the 1840s, and I'm curious why one in the north, in the heat of the industrial/marketing revolution, would move to a less technologically/more agriculturally based land?
:newspaper: POLITICS: United Rightists merge into Civil Liberties Party
by MLastCelebration - That's So Coral News - Tue, Apr 27, 2021
"It is with great sadness we will be merging with CLP I hope that everyone finds it suitable," Cong. Alice Orange (URPZ-Mg.) said in a statement to the media Tuesday morning NZST.
"We Accept the merge and welcome them with open arms!" Cong. Right Kelvin (CLP-N.A.) replied.
The Civil Liberties Party is one of Zealandia's two parties forming the current ruling national administration, alongside the left-wing Zealandian Labour Party (ZLP).
The CLP are now the biggest political party in the country, with exactly twice as many members overall as their partner the ZLP. The Sons of Liberty are third.
The coalition government has 19 (61%) of 31 total seats in Congress.
ABOUT THE AUTHOR: MLastCelebration is the party leader at the Sons of Liberty.
In order for America to make the necessary innovations it requires political reform and unification, in order to understand how America got to this point one must familiarize themselves with The Telecommunications Act of 1996, Citizen's United, and the repeal of Net Neutrality. This post is to inform people about these three pieces of legislation as I think it is vital people become familiar with them.
Preamble:
Every country in the world is competing in the cryptocurrency sphere, especially those that have publicly banned them. If the US Dollar can be toppled as the reserve currency it means a new set of rules on the world stage. It seems historically speaking we're at the end of a cycle. The American hegemony of the 20th century is over, the US empire is no longer a singular super power that can dictate terms absolutely. Unfortunately the PAX AMERICANA of the last 70 years that began in 1945 after WWII is at it's end. Many things have happened to usher this in. America's internal decay is decades in the making and the confusion and internal strife we're experiencing is the result of unchecked corporate power, as well as technological innovations that enable asymmetrical warfare that expose the unguarded soft underbelly of american democracy and norms(facebook, twitter, reddit, social media in general).
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The American political system has not seen current levels of corruption since before the great depression when laissez-faire liberalism was at its zenith. Unless we act now and decisively to fix such corruption, American democracy will perish silently while we sit at home watching FoxNews and cat videos on YouTube.
I will begin with a quote from Elizabeth Anderson,
“Hence, any assessment of the epistemic powers of particular democracies must pay close attention to its institutions and norms of dissent: are there diverse, open, accessible channels for people from all walks of life, in all social positions, to publicly express dissent? Do social norms welcome the expression of dissent by all discontented parties? Do they require decision makers to take dissent seriously, and hold them accountable if they don’t? Negative answers to these questions indicate epistemic weaknesses in political decision-making.” (Anderson, The Epistemology of Democracy, pp. 17)
When you consider that Ameri
... keep reading on reddit ➡)