Source: Foundation for Economic Education
by Lawrence W Reed
“Ships of Britain’s massive Royal Navy, the largest in the world, inflicted great damage on American ports, property, and vessels during the years of the Revolution (1775-1783). Perhaps none of those ships wreaked more havoc than HMS Phoenix, and it accomplished its devious work not with a cannon but with a printing press. … the Second Continental Congress authorized the printing of paper money …. What began with a modest batch of six million in continental dollars turned into a blizzard of several hundred million by the war’s end, yielding a steady depreciation and giving rise to the famous phrase ‘not worth a continental.’ With nothing to back the money but murky promises to redeem it in precious metal at a future date, Congress didn’t need any help to make it worthless, but the British were happy to assist, nonetheless.” (04/24/25)