The Invention of History
November 28, 2015
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What the Hell

Which, in a long run perspective, of course leaves us with the question why people stopped lending to each other and started to leave lending to the banks. The answer seems to be in the fractional reserve system of banking. Friends and neighbors are only able to lend money they have whereas banks lend money they create. Banks must keep in reserve a fractional portion of total deposits. But they “lend” money even when reserves are insufficient. In other words, banks lend money they don’t have.

Social History
Our history textbooks get the story of Thanksgiving very wrong. A holiday supposedly based on the friendly relations between the Pilgrims and Mashpee Wampanoag Native American tribe they often fail to teach students about the hundreds of years of damage Americans inflicted on Native cultures. But they also often get the story of the first Thanksgiving wrong. Squanto, the friendly Native American who helped the Pilgrims really existed. But his story is less uplifting than you’ve heard. He was kidnapped, along with two dozen other members of his tribe (Wampanoag), and all were taken to Europe to be sold into slavery. Only Squanto managed to make it back to America. No longer completely trusted by the Wampanoag Squanto hid with the Pilgrims. Decimated by illness the Wampanoag leaders also eventually allied themselves with the Pilgrims in the face of possible attack by the Narragansett. When the Pilgrims decided to have a day of “thanksgiving” a Wampanoag leader named Massasoit showed up with 90 armed men. In response the Pilgrim militia marched around firing their guns in the air. Satisfied, both sides sat down, ate a lot of food and complained about the Narragansett. A truly Machiavellian story. But not much Christianity or friendship on display. (See: 1491 (Second Edition): New Revelations of the Americas Before Columbus by Charles C. Mann.)
Virginia Law 1611
For the first absence from church, he must be tied neck and heels that night, and be a slave to the colony for the next week ; for the second offence, he must be a slave a month : and, for the third offence, a year and a day. (Individual freedom?)

Ken Zimmerman
Ken Zimmerman
Dr. Zimmerman retired in 2005 as Chief of Energy with the Oklahoma Corporation Commission’s Public Utility Division (1985 – 2005), where he oversaw all general rate reviews, resource planning, and engineering/safety reviews of electric, natural gas, and water utilities in the State of Oklahoma. Dr. Zimmerman was Senior Utility Analyst with the Oregon Public Utility Commission (2005 – 2013). His primary responsibilities in that position were: natural gas price and demand forecasting; natural gas integrated resource planning; the flow through of natural gas costs to end-users by gas utilities; and analysis of the general structure and operation of the current, past, and future networks for energy exploration, production, and distribution (including energy markets). Currently Dr. Zimmerman is Principle Research Historian with The History Business, a private consultancy focused on figuring out today’s problems through historical studies. Prior to his work in energy utility regulation and consulting, Dr. Zimmerman was a legislative staffer, private consultant, and university professor. Dr. Zimmerman holds PhDs in Sociology/Anthropology and History from the University of North Texas and The University of Texas, respectively; an MA (Sociology and Psychology) from St. Mary’s University (TX); an MA from Lancaster University (UK) in Economics, Science, and Technology; and undergraduate degrees in History (BA), Mathematics (BS), American Literature (BA), and Philosophy (BA) from Baylor University. Dr. Zimmerman also holds a BSEE in electrical engineering from the University of Houston (TX) and is a certified professional engineer (PE) in Texas and Florida (certificates permanently inactive). Kenneth R. Zimmerman, Ph.D. Principle Research Historian The History Business 702.750.1450 (offc.) 503.559.9694 (cell)

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