The Panic of 1837 has long been mischaracterized in many historical narratives as the direct consequence of President Andrew Jackson’s destruction of the Second Bank of the United States and the implementation of the Specie Circular. According to this view, Jackson’s opposition to centralized banking destabilized the economy and directly triggered the crisis. However, this interpretation not only oversimplifies a multifaceted economic breakdown but also … Continue reading The Panic of 1837: A Crisis Born from Fractional Reserve Banking, Not Jacksonian Reform