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Faith in the US

Posted by Cindy Chan on November 6, 2001 at 16:18:14:

To continue with today's class discussion, I just wanted to expound on the idea of faith in the US economy. We discussed that in the years before before the Great Depression, the faith in US financial systems was at an all-time low because frequently would banks foreclose due to insufficient funds. As this trend continued, more and more peole withdrew their money from banks which further collapsed the stability of banks to conduct business thus leading to bankruptcy. My question is if the same is true for the US government during that time? In other words, did the lack of faith in the economy affect faith in the government? And if so, wouldn't the purchase of bonds decrease which would lead to insufficent funds for government to carry out it's policies. I suppose a factor that would keep people invested in the US government would be a nationalistic attitude. The World War I campaign triggered such intense nationalism that Americans deemed it their patriotic duty to invest in a nation of which their own were fighting for. This, of course, is just my hypothesis, please let me know if you see any holes or can further this idea. :o)

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