> There had been a financial crisis in 1719, and France had nearly gone bankrupt. The bankers were to blame, having devised financial instruments that magicked debt away, only for it to return multiplied once it was discovered that the collateral wasn’t there.
It was so dramatic that France refused to use the word Banque to describe financial institutions until Napoleon re-established a central bank almost 100 years later.
4 comments
[ 2.4 ms ] story [ 13.0 ms ] threadFor real?
https://en.m.wikipedia.org/wiki/John_Law_(economist)