“I killed the bank” said once Andrew Jackson, the 7th President of US, considering it the biggest achievement his life. Of course, he was referring to the 2nd Central Bank of US, which was wiped out of existence in 1836. It was preceded by First Bank of United States which was too corrupt to be allowed to exist and its charter was simply let to expire in 1811. And until 1913 US economy was developing at the pace and strength never seen since.

Ironically, as a strong proponent of sound money (as in ‘sound as gold’) he was, Jackson’s face was put on $20 bill in 1928. Back in the day, $20 was effectively the same as a one-ounce $20 coin (well, technically, 1 ounce price was $20.63).

And that fact was clearly stated on the face of the IOU note, as you can see for yourself:

But the irony hasn’t kicked fully in until 1933, when as the result of FDR gold confiscation and following dollar devaluation to $35/ounce, it has loss nearly 63%  of purchase power overnight. And it was only downhill since. Today, it would take 60+ of these pieces of paper to get you same one-ounce coin

And now, I am sure, Jackson is laughing up in the heavens observing how his face is being replaced with a picture of some neo-liberal darling, finally getting removed from the piece of paper, that represents everything he was opposing strongly all his life.


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