By January 8, 1835 the United States national debt reaches $zero for the first time in history, after President Andrew Jackson, keeping his promise pays off remaining debt to the private central bankers. [1]

The British bankers respond in retaliation, causing the financial crisis called the “Panic of 1837“, and Jackson gets blamed!

  • The next government bail-out happens in 1907 by JP Morgan, America’s “informal central banker, in the absence of a central bank,” a crisis he created, which leads to the creation of the Federal Reserve Act in 1913.