the first central banks of germany, the reich bank of prussia, was established to finance the prussian army. napoleon's establishment of the bank of france was not -- but it was established to finance napoleon's campaigns. so central banks themselves have a very checkered history, both from their origin to this very day, as jim grant was saying, of financing certain political priorities established by either ruling classes, monarchingies or even democratic majorities. what a currency established by law as a weight unit of gold, without any exorbitant privileges given to the british pound or the united states dollar, as was the case under bretton woods in 1944 to 1971, or in the inner war period, 1918 to 1941, to the pound and the dollar alike, without any privileges given to any currencies to substitute for gold, you could then measure the purchasing power of gold itself over the long period, and the great professor roy jastron did the great work, which i would recommend, called "the golden constant." it shows that the purchasing power of gold, specified as a weight unit, for example,

a ceremonial chair, featuring the crest of the ruling family of prussia, in hand tooled leather situated in the front hall. behind it an extraordinary clock that belonged to blatz, the competitive beer bare roon and donator of art to the house. a clock dating to the 1890s. this 'tis tis the music room. far less formal than the rest of the rooms. this is really where the pabst family would have entertained themselves and also their close circle of friend. what's interesting about the pabst mansion, while a 20,000 square foot house it is a very intimate house. and so, this room that has -- approximately 15 chains are it, actually one of the largest seating areas in the house. they were in their 50s when they built the home. and so, this house was never meant to have huge amount of guests and entertaining. while they had several large parties. most were done with large marquees on the front lawn rather than having a formal ballroom per se in the house. the two stools at the grand piano are original to the room. and were used for doing -- duets, at the piano. as is the original upholstered f

hello and welcome to the business of prussia is business. at the st petersburg international economic forum panel discussion on the. panel including high ranking. economic studies bank. executive director morgan stanley russia. he is head of the federal service for financial markets. president chief executive officer. chief economist special advisor to the president of european bank for reconstruction and development and exhibit chief executive of the london stock exchange also on the front row. and then editor in chief of business. to you first. has the european currency the euro already had its lehman moment. right well i don't think so not yet we've had some crises and then a policy response i think that's what people mean by lehman moment a moment in which you stare over the abyss and then after that with his name on team emergency meetings and everyone keeps staring over the abyss where we had the l.t.r. oh and some people thought that that solve the crisis but basically i think the problem is the euro project is half baked i don't mean

>> guest: prussia, dortland. sti--and i'm--and i'm--and i'm gonna find the holes in this story and i'm gonna disprove this immigrant miracle story, and god help me, it's true. it's one of these classical bootstrap immigrant miracle stories. c-span: started where in the united states? >> guest: baltimore--he lands in baltimore. stows away on a ship 'cause he can't--doesn't have the fare, lands in baltimore where he could have stayed. he doesn't speak any english, he could have stayed. there are a lot of germans in baltimore. it would have been a very comfortable thing to do. but he wants a brewery. he--his parents died. he was apprenticed to a brewery at about the time both his parents died, within a few months of each other. so beer enters his life as his parents leave it. and i think that leaves him kind of obsessed with brewing. he also is not a verbal man. he--he's a craftsman. he likes doing things with his hands. he's not a businessman. and he wants his own brewery. he's a perfectionist and he comes out to i