Credit.

This is coolbert:

Am watching again another episode from the outstanding public television broadcast series: "Ascent of Money".

Written, narrated, hosted by Professor Niall Ferguson. Niall seems to be everywhere lately, and such a young man still. This guy has a very promising future. Whether you agree with the man or not, he does have a lot to say.

"a British historian who specialises in financial and economic history as well as the history of colonialism."

Professor Niall deals with all aspects of modern finance, as currently exists on the global scale - - stocks, the stock market, bonds, private corporations and companies that have a global reach, etc.

Bonds as used to finance wars being a major topic of this particular episode.

Professor Niall makes some interesting assertions. To include:

1. Napoleonic Wars.

* The British financed their war effort against Napoleon through the sale of bonds. Credit obtained in what we moderns would now consider to be the old-fashioned way.

In contrast:

* The French and Napoleon financed their war effort through PLUNDER! Rob, steal, loot the wealth of a vanquished foe.

* The primary role of Nathan Rothschild WAS NOT to finance the war against Napoleon, but rather to procure as much gold coin as possible and provide same to Wellington. The locals, where ever the British army marched only willing to provided the commissary needs of the English when paid with the international currency, GILT!

"From 1809 Rothschild began to deal in gold bullion . . . From 1811 on, in negotiation with Commissary-General John Charles Herries, he undertook to transfer money to pay Wellington's troops, on campaign in Portugal and Spain against Napoleon"

2. American Civil War.

* The climactic and most important military action of the American Civil War was not the Union victories at Vicksburg and Gettysburg, both on the same day!

The most important military action of the American Civil War was:

* The capture of New Orleans by Admiral David Farragut. Once New Orleans was in Union hands, the Confederacy NO LONGER had the ability to ship large amounts of cotton to European textile manufacturers.

Cotton of course being the one commodity that provided the greatest revenue for foreign exchange that the various southern states in rebellion had at their disposal.

So valuable was cotton to the issuance of bonds as used by the Confederacy to finance their war effort through credit, that if indeed a bond issue had been defaulted upon, owners of war-time issued bonds could redeem their bond issues for actual bales of cotton!! Such was the promise!

Note at the bottom of the bond - - 20,000 pounds of cotton!!

A promise becoming null and void upon the capture of New Orleans by Farragut.

Professor Niall sees all things through the eyes of the economist and expert on financial matters. But his perceptions are pretty much right on?

coolbert.