Fiat Money Inflation in France

Bol

Early in the year 1789 the French nation found itself in deep financial embarrassment; and this was speedily followed by calls for an issue of paper money. By August 1, 1795, some six years later, the gold 25 francs coin was worth in paper, 920 francs; on September 1st, 1,200 francs; on November 1st, 2,600 francs; on December 1st, 3,050 francs. In February, 1796, it was worth 7,200 francs or one franc in gold was worth 288 francs in paper. Prices of all commodities went up nearly in proportion. This story, of how a first world nation turned to paper money and destroyed itself, its people and its economy in the process, even arguably setting in motion the rise to power of Napoleon Bonaparte, is told in this book by Andrew Dickson White, academic, ambassador and author. As ever, history remains our best guide of what the future holds, and, considering our Fiat money system today, sounds a warning call that should be heeded.

Bol Partner

Fiat Money Inflation in France is as much about irrational human behavior as it is about financial crises and runaway inflation. White describes a disillusioned public who, under the influence of increasingly self-serving public officials and orators, accepted more and more assignant printings even though the perils of such printings had been documented throughout history and were then blatantly obvious right before their eyes. Andrew Dickson White presented this analysis of the runaway inflation in France to dissuade the US Government of printing its own paper money. At the time, he was successful.

Amazon

Pages: 64, Paperback, Createspace Independent Publishing Platform