apprentice to his brother jaes and the trade in boston. he hated it so he bolted and jued oabad vellpladeia the odondll he dropped out. and some historians and others argue that allnecala hoy. soinee to o rs, st charleston, whatever it is, and find another version of yourself always with the sense that your feet ae sn hapae. bu relosn wor a hldehi n rt. >> anybody else? one last question. yes.

>> [inaudible] >>go yoquonas aur] id dny na g obee amateurs? different parts of the country, different regons? thld tfitobe ddw aa. i mbava atually, you know, most of the ones i ended to hang out with or not that dri to making money immediatlyentullur. hiwru, e l s l l enlye bhe i what definethere and measure as some is the day--day motivation for going into that place. the kitchen lab or the garage or the m roortle ntey no o efaty sa to me.

there is no place else that they would rather be said that is where they were. ilde attion your experience was doing the research for the book. >> certainly that moment when that calculus tea eaine [lteereces. cty,tikhe e redith and i were trying to taser we hadset up this whole arangeent c 2000tsthy chi rath moaga dthirm 1920's so it was extremely damaging as a precaution.

ae te y ar sah ghndaeheuig out. we thought that was charming. [lauter] ywthyooin apiat. la vilkouplu d i wohth link to the dollar from gold and created a system the was more friendly to farmers and small-business owners. . haes bk hast ahita sa tsswa born in

1847 and he died in 194 so he lived not only long ougho co itaprsgvis veen inventions, manufacturing and all of the various things that he did. hes involved inntoy thhvb fcse ecie t country and was good friends with the rich and famous as well as the common man he and histher and hnrree t nau cod hemoec caricatures, but he was woven into fabric of the country when he was looking frfnci wi.pldogn

there wasn't anyone especially on the financial side that he hadn't had a run with or some conflict. wehi a trenk abo es ntwehe ti mo rthtbb motion pictures. while theiory by knealldweoehsmd s r life interest n money and finanal system of the u.s. they tend to be very a off-t-cuff sort of of sfoad h research he put into the monetary system of the early

1920'sas a story that while a w people may ae known tohe spndinbjanpl es person, that's where i don't think people know or appreciate what he had to ay. thveouopaysinteresting with blcoso e usopus en smart, creative, inventive, hard-working genius, 99% spea to us today. if it is just something that applies to the 1920's oris their something that sds lht thnsttinoue

en ii twees yerin h d, the speakeasy, the fitzgerald life, theng we nd hentos fr invention of labor saving machines to the usan ur aofeole, lt itha o o.git espng but just after the war the u.s. economy, but you're not of course was ishables, the u.s. economy waaig ivt f da exedm bu 3o oventch on coabout 25% in the war effort wasscaling back,

and they were ag d put onhewr fid. fel din sos f projects. the view of the federal government prior to world war i in terms of what the of, to reach the wreto e flow of goods and services especiallygood across the borders because one of the majo antso f seee ant,bt twe tyok after yourself. if people thought about the federal government in terms of an economic attention, the way that they would tend to think out erle inid on the border of the federal

government may have a presence. the's the post office in my daily life and other than tat the fedel goet waqute l. attat e government in effect the platform was a return to normalcy the plan was to return the governme bac tois ba and with the federal government spending been cut back, unemployment which during the war had fallen to one or 2%, th eeremjr thmblt oe state figures on employment had fallen to almost zero during the war effortat 4 0 f

ouayt heer rn doing they were doing what they did before which was nothing. if you are unemployed you just haven't moved far enugwe god ou obe in le kili ying to carve farm out of the countryside and sodyy toepirt of landaala. e ndws fbrt become secretary of commerce, and he convinced harding to strike an unemployme fel rn w brutog in o.hw hn

even though he had large financial crises in the 1870's and in 907 that was the first instance of the u. fal ventvnshg n te lrgal emmas federal problem. they usually consider it to be local municipal or state ue t ot in iar92 d a recession went in to st more. spasewat hofhe 1920's whaspewtt crisis is dreading the war there was a huge inflation that virtually doubled in 1916 to 1920, then there wasa lar

flnaryisu l do prcng rohe pchasing power is as the prices fall if ou've taken f thloheepiare in u ro we kihaicou ntgut tesf yolul e aayk he loan. then subsequently if it turns out you are having trouble selling your stuff and you h to loeropico th it hto otaan t drst ha rad expand the firm's on bigger loans were hit in the early 1920's with this deflationary their deulti on unr n . usiedor exed loans are going

broke. reio helps to deepent fo says in this part i'm st ki of extrapolating you are a smart guy can you do something to helpte amriwlke ffor s hp r nre he monetary system so that a dollar is a dollar and the variable money so thatwe can stabilize do dal r te in terms of dollars of the variable pchasing power of money doesn't create all this lehsg

od fseri the harding administration is trying to to get rid of the assets teseve ie lson f f alabama and coordinate and offers, this famly was almost completely built to uceanm irtef ti niie sloor il oe hm t iles la to develop and use the electcity from the dam to produce ammonium nitrate for rtilizer fo s. danthe private real car he

is discussing with for what his plan is, and the plan s ay gome5 ioic n'cmlethv cmp for another $8 million finance it cannot with a typical bond extended financing where the government would borrow the money and then repdo

>>they have ways of producing massive arms quickly. o he o h m d ni iat fertilizer other countries muonndo edisonted to th houthhe are

branme his iite ncur to eeopmel he had an uneasy alliance with fincsce fo them off the land. large ban would ask the small banks then theyas th cud t y. rmweus f the at so edison decided to

investigate the monetary system. he was also roasted by economic journalist based in new york. who idit onedie grac.ayand he also wanted to do and wnt se sod ted what he called the money complex. lot of correspondence beeeedison and others where heexplained it isa

h b wto lp fr. raspng i fonden to maintain sales with purchasing power. saihe ere nd at ecorer as evhias mid would be done by the former. we are gamblers by nature. atekne ed uamll ut >>i s private banker

that i oppose. they gain power fictitio leave through cold. it is a relic and invention -- interest is the invention of state 10. pric butevel a mey emhrldnt ar. during the years the federal reserve act was debated and written, iing fserae amr el hri b. and desed a scheme of his n. he was will bone up the firshaf and onchgt wind edisonwasor o

mengey t reglheer therd udry aneykemun s ysno a the money. edison said i have read your book. t inu wr t aury ob he invited him to go to congress. edison demured. ybe by that imehwa ni wth. is at an avrageyhi t say today?

how did he do his research d? >>y at time heas sus.d th bht as o n ie 1t tedh e they tell us? es oco a money and in place 0 and ance. he wasaaucg

nen. adn uge crisis. he did not have to be told watch out. so the dollar had to be back by something real. you start learning with thgoldys tet er b. then just a few years before y d n hmt operate the of the day would lead citn the of lthrue was the dce

crd t saae ro 12 federal reserve districs e eatewits atbthpte er b then the public interest overseeh ytmto board t ont orn.ity ert

looking to the banks to harmonize. later on there was quite a black -- battle within to bring more power from the federal reserve tohe board but that is a different story. soteree a tively new instituti and the reserve district bank finds its way. att but tockfo reality what it iste a

cocabu ct tou tld ak monday is a mistake with the inrnational business commity runningn and ld tt er he wants to grab on to a plan and hope through time hel draft on other

commodities to help those producers the same way the government helps the gold. and have imied into cawing and you have money. why can't thefre e nd pouhe op gwi o and recommendedte government buiruss titr sstecu a could bring their crops with the up frot payment that is ctiteof fr by theaverage of

es00e er ofon aay he also has the ticket. any back the government the 500. edison devicessheen ysrey ar ? he sent the questionnairto usessmen, insurance

company owners, federal reserve officials including william scott sprayed it, harvd h n ctofir. e usehold names today but because he was them to take ak gh y be h envelopes i have good 26 question a look at tuy t id hnssac

ete er t aseotowe bey indnomist right ba li he writes to the president of the university i tied tonderandoemesenile. hne writes back a humbley t the newspaper tat causes aids

statewide. ey ner kw wh t ed gth ak ab the just throws different woit rat oe lr but the moi farmers could bring crops to the wareuse and get immediatepayment? itiy.itisp don't know how many

s d lot. second, it takes money out of circulation when you need and it would exacerbe the cycles. ir co'tt op pg ? what about my crop? nome?evce h fifth thinki that would cause moreifti

waus t ney otneve enroe esald po ant. icw predicted that 1929 crashed lo srto lnndrewno he said it is not perfect but it's what we havead. th i er i years mice the will

look much more attractive. and over the years the other people have proposed commodity backed money. it opens there ncysub akwu be tobi priebttnius may bnt rmerand me. gomendp g at so his lobbying efforts were taken further thllow federal reserveto extend loans

s fm it bussns atthrsamof quta eg e d ifnt at then of course, they went into price support programs that suort idfmer ct and then the assisting the former indilywr sme rtor d ylpfas ct when they ea ng

voting bloc. that was more e efficient. what his view saysod. d riid taold uln for the verage guy that was the end of the gold standard. erio traacs va jte1 ouu t5 70% inflation instantly. ofrsotcksteay

couebet s oueny ge isashtt gold was out and the reliance on the fed to manage money. thti $1,913ie purchasing power is roughly thayigtoda abm stable fashion.

what is interesting, lok at the federal reservtoday asdmnytc financial rt bdsc fit theushel basket? do they determine their price of theaea ers aiid assets to include a lot although not far rpae uc by oney o nter

of fs t ro but it looks lo like edison and to give him his due due, maybehe was not far off. tisdo omtgw jersey also ruggers headed up he thomas edison papers acics one was the co-author noad fof tseheld he

rs inig rr. he lysne s ntl and what gives us the appreciation and the otivationt s juigg erity heke eqpeople's lives. i w interesting a worthhing against

restance give it up. you could go to hard. i think it shows at this then in a context, whoknew? [auspen qns. y nees t s similarities or the populist ideasit toagt bafy episos peoplerudh.

waercotiit e liovt? here probably one othose stains he had an idea. seventiean1,he gr ahi tur i dn't faint edison knew about that. frytep.t

feeds into the populist moment and the many movements of the time. of course, like william jennings bryant. this is theolcrof orns. psi it auta tical power of the west. suddenly the senators were thni ees from wiiam randolph hearst faer wereg r that thsinibt.

rmwiolal tiby the s ite e at peplid wn o revisit the through the 1880s. os opas other crosscuts that to he lands on not even wifio n g. vindtuot c add it to without

the ckground so there is a huge story. cuatn gold, metals and also they we're g if wttpth ouptan pofoe ets. it was easier for mechanized goods and farmers. sometimeste were paying higherie

buoronme imperfectly stable purchasing poe re. e hort run is a disappointing results and sometimes we don't know. kelru f otpeople say wait to. and it is a sitioh

the rising inflation and in the future. they really debate the don'knf wbe le n gute h h el fy dnou ala no. put your faith and trust ceio oe d here to hold money and yoe ngtos of production and th tatt

toy dien ans rilefor the monetary authority or to competing private money that is a huge question. thatibt mopoly mny s ohee athe for another program. toh r y.t we have the examples from that chineseand null 1100 >>eaenyoooa

whsenkbtee netary policy and economic policy and is it different today? >> fiscal policy rder? thee iorceth as the government's nagement of itsus te ndepor bidenhatcuti d sle rnh

monetary policy how many dollars are out there? that is under the purview of the fed. an independent agency of the fiscal authority. those poliiescue dient. hes emme then they should try on both. if you believe hcath ey suld en. d as di. da a concern fiscal policy e goes to toe ite alnds ye

bee t ye 1o he says that mon cyl. he nue to run the large deficits they have to borrow.endbrod eyou ton andt fed are

concerned the day will come they are the only people left to buy thbond a it forces their hand with the tighter corner that means a very high interest-rate tt fia ssgainsio sell if the fed is the last buyer of bad government bonds, bere sen prngeytb now live by the bond from the u.s. government and the fed warehous thbond whhedwody floats around.

loidnc t scla >> thank you. ti xty home in the financial world and if the effect not always inncedia instnt financial system?

and this is all the big names. jade cool the thought he was burned a few times uhdtg sp soin ao pel like going back to aristotle a bngoigacte uis ttf re they could not see it. why would you pay interest? that the gold wasitng ere. br crge interest?

he wanted to design not a financial system but to he wanted t devise the monetary st avhe cantge t why don't you rent it to me for nothing? hem s r td a at th money is a tame anth

bk thguy stain hiou, u td itwa sodyksinee stm? eynoad. isisth boat to puthey would not sell car thensmeln tid wsfr no bheet also zero of heavily agrarian society howdo mapats o? a car thee 16crrmhcar ona

ats t work as well. but it was the interest. in new york city the harbour facilities, the work force force, if you ar in new york, are only a few >> tidob ory. ma >> ba tie emat reno eople just follow. si sm with checks and balce whe he

>>m cuous his lil po in vent sigvrent spending to build highways in the economy than you have pand apa araith. ead o is there the ultimate this bowl championship? hineventuld e ep nd that prbl more

for a political scientist. edison lived along time and was such well-known the reporters would go tthe ba g 4 he said the biggest thing that happened before the fed ytewst n he did not say congress should keep their hands off. he thought at ats

ed d troyead uc. in thta la mhe h it and an early 1914 on e adlewit bh lrs i doubt thain the angle losses get out entirely but th od ulwibi opotbeer t. fe t come down on

the calvin coolidge view we get out of recessions locally and statwide, but th sisv.arls and even voted for the anenerzehe aerol but in terms of today's acon ilk he tearim.snd.

aythis oj i tanee else? mi. he the book, they do. amazon t mom ppr se w e thank you.ee el free to e-mail

me with any comments. [applause] in. ppe] >>ne o hets we thcn is look at asoudc

peceopav force.es the big wars, world war i, world war ii, you will see hundredof titles on the civil war. but there are also small maaveni i hintty so we've tried to expose readers and with thatto h stng / fvrg settlement e to explore the spish

bu htoin chsenc thale s ee e islaane wete ere emlhi ogie voice to the more famous individuals andhistory from general ptonne car,er nhisl llonld -rkt general washington but we tried to move downwhen the ern ge enti to somewnoel

known like major ethan allen hitchcock. today we may call em counter and surgery it -- counterinsurgency war pacification and but to encouraging them to relocate th hiimiarurther conflict. ti isead ogm wthmbf ements. cosssi, baches weonl mmonsuiea ggowth bureaucracy. i was interest re gacoio71th century adt

wrarme vee icily fthcren octo aoler e. ie enomous impact and more women joined and became more diverse and thercag he unm.n % s e is it the 1940's it was close at 1. cmun n he inialitiunit going

back to jamestown but thinking of volunteerism that everything is a choi, an option but the news where different in the past. many people who vlnted repe. omr juy iv occasionally there was a deserter. washington complained o es enf wi aanting to belo. with these early documents are individuals who hea a calling. not a drafboarbut

thicrtatat loherya atumd .l ysosa. ad a choice but in his mind there was no choice. wallo t d rg eientom cipa in this glorious cause nd within two years he was woded, thunthve d he idft upng president of

the united states. >> host: when does this mindset shift? >> without the trading my own cynicism it had to d with merni. y ese hi moiziod no,hga education, class structure. has they become more modern modern, a sense ofhe coou heth ur ce. i think around world war i and world war ii, man ecml not ceil svaut

ma ooi inthph o e ivn beo oheks i the era of vietnam with strategic bombing to wage war from a distance,isha tcciss opn he.n so it takes that idea they have achiebe inst y w sponsored by the

nixon administrati for thosincentives to build a stronger milary. hieathl leoftaefic personnel explained for the reasons of conflict. msli o' ow tfi they are not always fully cognizant of the mission. wheeiee, theyarl on express feiine

ret ectea ermunity base. called this ideology? made the day just do would job well? many soldiers are quite aware of what they're doing. e heam ha sskyey thoedomelse to tell them. it is of pull from their committees. ol wllhle i fghe wouus wa it with all your might.

this is the funametal aect s, civ was bien h fe lngwahe ontsoin atnss pe unsael t at and the sense to give yourself fully. alua, tlecome overly ybrr olt force tried is that total ofmpason a lovhestfr d dsif fair thati na