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The history of the United States is established to be one of those countries who have rich heritage and enticing stories of the past. With the involvement of the country to various wars, no one can ever disregard the authority, dignity and superiority of the nation as compared to other countries who just happened to forged the imposition of power by means of wealth (Clark, 1989). In the establishment of the history of the Americans not just for the benefit of the United States citizen but for the understanding of the whole world, there were about numerous books that have been written and publish to convey the message of American nationalism, political destiny, conservatism, revolution, democracy and other political ideologies that up to this time are being practiced not just America but all over the world (Gordon, 1997). There are different lessons that can be learned in the process but the most important to do is to analyze and understand such ideologies to be better applied in any form of government there is. The main purpose of this paper is to give a critical review of the book entitled “Hamilton’s Blessings” that has been published in order to give a detailed description and information on the various political movements and undertakings in the country.
“The United States was born in debt.” This was the opening statement of the book entitled “Hamilton’s Blessings” written by John Steele Gordon. In the book, it can be seen that it tackled not just the blessings of independence that the United States of America has been experiencing for such a long time. Rather, it also focuses on the factors that might affect the economic standing of the United States by giving emphasis on how the country has started off as indebted nation turned to a super power nation it is now. The struggle it once experienced in order to survive is remarkable until it finally reaches its status today (Bollas, 1886).
As stated in the book, it came to a point where the Americans would release money of no value. The main reason for such an undertaking is to simply tell the world that they have a legal tender that can be used for trade and purchasing. But then again, the book revealed a fact that cannot be disregarded and that is misappropriation of controls among the government officials of the country. With the misapplication of possible controls over the rising debts of the people in the United States of America as in the other European countries as well, credit crisis has apparently resulted which eventually led to the slowdown of the economy. One thing that is indispensible in controlling debts is the existence of fraud. There are many people who have been utilizing debt in credit cards but are not determined to pay and settle their commitment. As a result of which, the economy has been shaken in a very bad manner. Because of this failure, many banks have declared bankruptcy with a domino effect (Bastable, 1892).
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It can be noticed that the same situation is happening right now with the present recession that is being experienced by many nations. It can be remembered that the first bank to declared lack of funds to continue its operation is the Lehman Brothers. The world was shocked with the realization that one of the leading bank in America has suddenly declared that it is no longer capable to operate. The country was shaken and many have questioned as to whether it will affect all the industry or not. Taking into consideration the present situation, it indeed affected the industry very badly as subsequent to the failure of the Lehman Brothers is the bankruptcy of certain banks such as the JP Morgan Chase and the announced instability of Merrill Lynch which resulted to its sale to the Bank of America. Such effect is not just confided to the United States of America and Europe but rather been felt in Canada, Australia, in the Middle East, Philippines and other countries. Many insurance companies are closing and investors and plan holders are left hanging as to whether the money they invested will be returned to them or will just disappear into thin air. Because of the credit crisis, many people have stopped spending for fear that they will not have enough money to support their needs later on with the situation being critical with each passing day. Hence, another effect of the crisis to the people is the increasing unemployment rates, business closure and lay-offs among employees. Many people working in foreign lands are forced to return to their homeland since their working time is cut-off to substantial amount. Most people are losing their jobs because the company can no longer afford to produce goods and services since the consumers are no longer buying (Funnel, 2009).
Because of such debts that have been experienced by the Americans, people began to revolt. Revolution means taking stand against the illegal activities of the government and to replace it with something better. This is being done to stop the illegal things being done by those in power. Through this, corruption is being ended and a new system is paving the way for the improvement of the society. People learned to fight for what they believe is right and to stand firm for the grounds that they are holding and taking into possession (Adams, 1975). But then again, in providing for economic self-reliance, the intent is not to pursue a policy of economic seclusion from the international economic community (Graham, 1992). The Americans, during such a time cannot possibly be completely self-sufficient as to avoid the need for imports or assistance from other countries. Self-reliance simply means that a country must have the ability to cope with its economic problems or to implement its development programs by the use of its own resources with a minimum dependence from some foreign countries. But then again, in today’s economy and economic status, it cannot be denied that the United States of America is already and strong and self-reliant with each passing day (Banks, 1994).