Archive for July 12th, 2011

July 12, 2011

Palau’s Economic Folly?

By Jackson Henry

“Seward’s Folly”, was what fierce critics called Alaska when Secretary of State Bill Seward engineered its purchase from Russia in 1867 for $7.2 million or a mere 2.5 cents per acre. Others called it, “Seward’s ice box”, because Alaska was seen as a frozen wasteland. Seward was publicly ridiculed and bore the burnt of stinging newspaper columnists and media hawks as the man who committed America’s biggest blunder. I could imagine the numerous sleepless nights Seward suffered.

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