Gross National Product Quotes



After the civil war there was a concerted effort to shape American opinion away from the notion that the Civil War has mainly about slavery which we now know was a false notion. Slavery was the only significant issue for both sides. This quotation is cited by many who argue that the prospect of the end of slavery was tantamount to economic confiscation and impoverishment for the slave owning minority and hence it drove them to rebellion. Also, Davis and others argue that the value of the slaves was so great that there was no possible economic way to compensate the slave owners for emancipation at fair market value which was why that “compromise” never went anywhere.


This is a remarkable quotation in that it proposed exactly what the United States did in the Nixon administration. We went off the gold standard and backed American money with the wealth and “full faith and credit” of the nation and all its assets. It has been the strongest and most sought after currency in the world despite the fact that it is not backed by gold or silver as earlier American currency was.