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On today's episode of Forward Guidance, Jack Farley is joined by Roger Lowenstein to discuss his new books and the intricacies of the American financial institution during and before the Civil War. Taking a look back at history, Roger is able to make connections to our modern day and how we can empower ourselves by knowing our backstory.\n--\nBCB is Europe\u2019s leading provider of business accounts and trading services for the digital asset economy. With a dedicated focus on institutional payment services, BCB Group provides business banking, cryptocurrency and foreign exchange market liquidity for some of the world\u2019s largest crypto-engaged financial institutions.\n\nBCB Business Accounts allow businesses to load fiat currency and cryptocurrencies for payments, operations and trading purposes. BCB\u2019s clients can trade FX and cryptocurrencies quickly and at scale, with market-leading value. BCB\u2019s BLINC network is the European crypto industry\u2019s first instant settlements network and one of the first real-time payment networks of its kind to allow free, real-time transactions across fiat and digital currencies.\n\nFor more information, please visit https://bcbgroup.com/jack\n\n--\n\nIf you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter\n--\n\nTimestamps\n(00:00) Introduction\n(02:27) American Finance Before the Civil War\n(06:46) How Did the North Fund the Civil War?\n(15:25) How the South Funded The Civil War?\n(18:56) Disastrous Inflation In The South\n(24:02) BCB Ad\n(25:25) Illegal Cotton Smuggling And Parallels To Russian Gas\n(34:20) Will Commodity Price Shock Cause A Recession?\n(37:36) Inflation\n(42:28) The Fed\n(47:03) Final Reflection on President Lincoln