The Real John Law

Who Wants to Be a Millionaire?
 
John Law was an interesting figure with a colorful past. He was convicted of murder in London but, with the help of friends, escaped to the continent, where he became a millionaire through his skill at gambling. Like South Sea Company Director John Blunt in England, Law believed that a trading company could be leveraged to exchange the monopoly rights of trade for the ability to make low-interest-rate loans to the government. And like Blunt, in 1719 Law formed a trading company—the Mississippi Company—to exploit trade in the Louisiana territory. But unlike Blunt or the South Sea Company, the Mississippi Company made an earnest effort to grow trade with the Louisiana territory.
 
http://libertystreeteconomics.newyorkfed...risis.html
 
When paper money was better than metal money
 
In 1715, Louis XIV died. Known as the ‘Sun King’, he built the lavish palace at Versailles, he believed his reign was ordained by God – and he left France on the verge of bankruptcy. His government owed three billion livres, but only took in 142 million in taxes.
 
The Duke of Orleans assumed the reins of government after Louis died. Remembering his old friend Law’s ambitious ideas for transforming the monetary system, he summoned him to Paris.
 
First in Scotland, then in Saxony, Law had tried to convince the government to issue new paper money backed by the nation’s land, with no success. But France’s new ruler was desperate, and so more receptive.
 
Law convinced him that France’s metallic money supply was restrictive, and that expanding the money supply with new paper currency would stimulate trade and employment. The regent allowed Law to try his scheme on a small scale.
 
Flush with success, Law proposed a more ambitious scheme. At the time, France controlled the Mississippi river territories – which included the present states of Louisiana, Mississippi, Arkansas, Missouri, Illinois, Iowa, Wisconsin and Minnesota. The area was sparsely populated.
 
By 1720, he had assembled and fused together all of the French trading companies, the tobacco farm, the mint, the tax firms, the French national debt and a quasi-central bank under a giant conglomerate known as the Mississippi Company.
 
http://moneyweek.com/john-law-the-gamble...nce-58412/
 

 
It was one of the most sensational get-rich-quick schemes heard of in a long time, but it eventually burst over the head of its originator, John Law. This "rags to riches to rags" story, in which the plan was to open a bank and exchange banknotes (paper!) for gold at wildly inflated share prices, ends when John Law, having been cleaned out as a result of a rush to cash in the notes, is left broke and broken-hearted.
 
https://www.nfb.ca/film/john_law_and_the...pi_bubble/
 
https://youtu.be/4KNW9o7wG3g
 
https://youtu.be/4KNW9o7wG3g
 
 

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