Business cycle dating in europe
The panic that was largely solved by providing banks the necessary funds to make open market purchases.
Just as a land speculation bubble was bursting, deflation from the Bank of England (which was facing insolvency because of the cost of Great Britain's involvement in the French Revolutionary Wars) crossed to North America and disrupted commercial and real estate markets in the United States and the Caribbean, and caused a major financial panic.
The downturn was exacerbated by the absence of any significant interstate trade.
Other factors were the British refusal to conclude a commercial treaty, and actual and pending defaults among debtor groups.
The United States entered a brief recession at the beginning of 1812.