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History of Paper Money - IV: Lay Down the Law - Extra History (Patreon)

Published:
2016-10-21 09:00:59
Edited:
2018-05-15 02:00:52
Imported:
2022-01

Content

Meet John Law. His name... doesn't exactly fit.

Files

The History of Paper Money - IV: Lay Down the Law - Extra History

What happens when you really try to put paper money doctrine into practice? And why would you put a gambler, womanizer, and fugitive criminal like the ironically named John Law in charge of running it? Support us on Patreon! http://bit.ly/EHPatreon (--More below) Grab your Extra Credits gear at the store! http://bit.ly/ExtraStore Subscribe for new episodes every Saturday! http://bit.ly/SubToEC Play games with us on Extra Play! http://bit.ly/WatchEXP Talk to us on Twitter (@ExtraCreditz): http://bit.ly/ECTweet Follow us on Facebook: http://bit.ly/ECFBPage Get our list of recommended games on Steam: http://bit.ly/ECCurator ____________ ♪ Get the intro music here! http://bit.ly/1EQA5N7 *Music by Demetori: http://bit.ly/1AaJG4H ♪ Get the outro music here! http://bit.ly/23isQfx *Music by Sean and Dean Kiner: http://bit.ly/1WdBhnm

Comments

Bright Ops

So effectively, John Law was what Blunt would have been like if he wasn't corrupt and self serving. They both shook the economies of their respective countries but I get the impression that Law was actively trying to stop things from truly getting out of hand before the fallout was a complete disaster (and why it seems like France suffered a solid blow, but a survivable one) whereas Blunt almost broke the concept of money in England/ the United Kingdom in an attempt to earn more profit.

maxM@x

Am I the only one who has noticed gold, silver, and copper are both commodity currencies and essential electronic components. And with inflated values due to commodity coinage. May have never managed to be cheap enough to get to the mass expansion of computers/ modern electronics to spread across the world. I mean even though Nixon famously took the US off the gold standard for a second time, the US had been deluding copper pennies, issuing silver/gold bonds, and had thriving futures markets far before the second lift of the gold standard. Meaning that if copper, gold and silver had some of the legal restrictions or hoarding of earlier days. Their may not have been enough of it at low enough cost materials to allow for even some of the basic micro proccesor parts. Ie the phone that is writing this message would either not exist of being the price of an American house.

Jim McGeehin
>>2827602

Coincidence. The coinage metals malleability and fungibility matter for using it as a reserve, but ductility is key for making wires, and their conductivity to electrons makes them useful in the electronic market.

Anonymous

"I am...the (John) Law!"

Anonymous

so we are geting 5 eps waht will be the one off

ExtraCredits
>>2827552

Law did seem to have been more interested in pursuing the theory (and making it work) whereas Blunt was, IMO, more interested in taking advantage of the theory (and making himself rich). They both saw profit in it for themselves, though, make no mistake.

Anonymous

Hey I remember once reading that John Law's experiment in France may have been both the last chance for the French Monarchy to fix itself before the revolution and the thing that made the revolution inevitable. Is that true or am I just mad?

Anonymous
>>2838126

I don't think so. John Law was active in the 1710's, there were plenty of time, opportunities and actual attempts to fix the state before things became irreversible. I'd say the actions of Jacques Necker was the real turning point: Encouraging Louis XVI to help the American Revolution and then concealing the scale of the debts incurred with the Compte du Rendu in 1781, which made the reforms sought by Controller-General Calonne in 1786 politically unfeasible.