s skippy the bush kangaroo: blogging around

skippy the bush kangaroo

Tuesday, December 21, 2010

blogging around

cuomo sues ernst & young over lehman

schwartzenegger wants to work for obama

jury pool in missouri refuses to be empanelled for marijuana possession case

and here's the rude pundit on haley barbour
posted by skippy at 9:34 AM |


Much as I admire the Rude Pundit's blogging, he misses the mark on the economic value of slavery to the South. He's right that the Civil War was fought over slavery, but slaves were not valued because they were free labor. They were actually less efficient than hiring poor people to work on plantations. Slaves did, however, provid something that the perpetually debt-ridden southern planter needed badly: collateral. They had a monetary value and they could be used to obtain credit. Your average southern planter was deeply in debt. Consequently, he had to borrow a lot of money.

The Civil War was fought over slavery, but it wasn't because of the potential loss of free labor, but the much more concrete loss of equity. If the value of all of the slaves in the south were calculated to be an average of a mere $100 each, then the south stood to lose $350 million in equity.
commented by Blogger DBK, 10:11 AM PST  

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