I came across the following video after searching a bit after reading this interview in Mother Jones.
“Deadbeat Nation” sounds like a great name for book. And as it turns out, it is a book. In A Nation of Deadbeats: An Uncommon History of America’s Financial Disasters, William & Mary professor Scott Reynolds Nelson argues that American history consists of a never-ending string of defaults at the individual, municipal, and state levels. Credit bubbles alternately finance transformative policies like westward expansion and infrastructure improvements, and then remake the nation’s political landscape when they invariably pop. Economist Tyler Cowen, in a New York Times Magazinereview last July, needed just one sentence to summarize the book: “We have hardly ever had a well-functioning banking system.”
What this means is that from the very beginning the finances of this country were based on fraud. Watch the video here.