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How Did Andrew Jackson Create An Economic Crisis

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Jackson’s battle with the Bank created an economic crisis for the nation by causing inflation and, consequently, unemployment. To begin, in 1832 President Andrew Jackson transferred funds from the Bank of the United States to state banks because his party disagreed with the existence of a national bank. One of the reasons Democrats disliked that the Bank of the United States was that they thought it did not give out many loans, to purposely keep the value of money low. However, they were mistaken. When state banks gained the funds, they began giving out a lot of loans. Unfortunately, by giving out more loans, the state banks had put more paper money into circulation, causing the value of the dollar to plummet. Inflation hurt the economy which

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