Fiat money inflation in France - Part 1: John Law

Fiat money inflation in France - Part 1: John Law


Max Keiser, of maxkeiser.com, James Turk, Director of The GoldMoney Foundation and Pierre Jovanovic, jovanovic.com, tell the story of the introduction of Fiat Money to France. They discuss John Law and how his money printing fix was seen by the French Regent as a way out of the kingdom's debt troubles -- accumulated by past wars and royal extravegence -- a way to avoid the harsh spending cuts that were unavoidable given the difference between income and spending. Keiser, Turk and Jovanovic talk about the Mississippi Bubble and how speculation in stocks became rampant as banknotes were printed to drive up the value of paper assets, how the French public was caught up in the speculative mania with dreams of untold riches from Louisiana. They explain how John Law's success and the riches that he brought the crown ensured his promotion to Minister of Finance. The trio also discuss how the bubble popped, how all manner of coercive and increasingly desperate steps were taken to prop up the value of shares in the Mississippi Company, including the printing of increasing amount of banknotes. When the banknotes themselves started to depreciate, gold and silver coin were outlawed in an attempt to force the French to use only paper money. The consequences were disastrous, with commerce paralysed and the economy brought to its knees. Further reading: La Banqueroute De Law, Edgar Faure Early Speculative Bubbles and Increases in the Supply of Money, Douglas E. French Extraordinary ...
No puedo creer que exista el Fiat 500 versión Gucci, ¿no pudieron escoger un mejor coche? #Odio Fiat.


Vendo Fiat Palio 1.8 2007! Excelentes Condiciones!!


@ThiagoCamilo21 mas só uma perguntinha, seu pai é dono da fiat? porque Punto que pariu, vc tem um Stilo que Doblô o meu coração rsrsrsrs


Ahazo! RT @AnaPaulaSantss: Meu carro que era um fiat, se digivolveu pra um ford ka vermelho novim e no meu name... TODOS VIBRA \õ/


Just saw the new fiat in pt pleasant-its so lil lol!


Esse Geraldo do Coxa corre mais que um Fiat 147.


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