Week Eight Online Question Essay Example | Topics and Well Written Essays - 500 words

Week Eight Online Question - Essay ExampleThis was in line with the theories of David Ricardo, the English political economist, who argued in regard of hard currency that would enable the economy to escape the cycles of booms and depressions. This, Andrew capital of Mississippi and his supporters felt, would be a lasting solution to the problems that America faced at a date when it was expanding rapidly and monetary policies were a widely debated issue. Jacksons stance on this matter is considered t be crucial in his re-election to the post of the death chair of the United States of America.hands of people who lived outside America and those sections of the American society which belonged to the upper strata (Andrew). His efforts according to the speeches that he delivered regarding the future of the Bank of the United States were directed towards the nerve of a nation that would ensure the equality of the people who stayed in it. This, Jackson felt, could be achieved only throug h a return from credit to hard currency, something that David Ricardo had suggested. His views were appropriated by Jackson and his political friends in order to establish an economic order that they felt would not allow the re-establishment of situations like that which occurred during the panic of 1819, when the banks, since they had lent money that had induce less valuable due to inflation, experienced a shortage. Ricardian currency theories required that the banks regulate the monetary pressures of inflation and deflation through regulating the flow of money into the economy. Jacksons views were thus, not completely against banks, but called for a reassessment of the roles that banks played in the American economy that would prevent a repeat of the events of 1819. A organization was put in place according to which only the amount of money the equivalent of which was present in the bank in