I had a reader search this blog about the Panic of 1837 and I touched on it briefly in the past.
By no means am I am expert on this, but I do love looking into older American history and how gold was used in the real economy. Watch old westerns will also tell how they used gold and silver following the 1840s
We are talking about a specific period from 1837-1841 which was also a banking crisis and with this search one of my old charts also came up. I have not read the book, but will do more on going research when I have more time.
I believe this 1837-1841 time period was the real wave 1-2 in GSC degree followed by a Cycle degree wave 1-2.
Nothing new here as the good old US dollar was hauled around in wheelbarrows as well.
What happen to the gold price is hard to tell as it was still fixed and then commodity prices imploded with cotton.
What was interesting is that the government of that era forced land speculators to pay for land speculation with gold and silver coin instead of paper. Wow, that sent everything crashing as few people could come up with the gold.
Imagine if that happened today and our governments forced us to pay for our new home or high-rise with gold and silver. In the end the reaction would be the same and everything would crash and a depression would surely happen.
In the picture search this chart also came up which is one of my charts showing where GSC and SC degree started from. This chart is relevant and is part of my Cycle degree that is still in progress today.
The 1837 to 1841 period (4 years) was the GSC degree wave 2 crash (and a depression), Instantly followed by another Cycle degree wave 1-2 (not labeled) and then followed by the SC degree wave 1-2 crash of 1929-1932, which also caused a depression.
This is the 1-2, 1-2, 1-2 wave count that I use, but all the SC and GSC degree wave counters use wave 3-4 as their base, which makes all their extended waves as the 5th wave. This is not what the book tells us how to count. Nowhere, since my version of the origins of GSC degree, have we had a bear market rally like they say we are in now. (Cycle degree "B" Wave top) It is a trend that has never happened in the last 179 years! The SC and GSC degree wave counters are truly trying to brainwash us with some fancy Elliott Wave Gymnastics.
From my perspective the 1929-1932 bear market was not a wave 3-4 as then we are basing everything on a 5th wave
. Besides, it would be extremely rare if not impossible, to have such a perfect 5th wave extension. extension
Even when the 1942 bottom was approaching, they all had feared that a depression was about to return.