John Law: the gambler who broke France describes how one of those clever-clever bankster types, on the run from his previous crimes, broke the finances of an already critically-indebted France. He was mathematically skilled – like the post-Cold War surplus of physicists that ended up playing with financial weapons of mass destruction in Wall Street banks. But not as clever as he thought, Law’s last nine years were spent in poverty.
John Law consolidated French overseas trading corporations into his Mississippi Company to monopolise French international trade in a paper money scam. There are echoes of this in the inspection cartel which monopolistically and coercively derives an international tax by certifying inspectability as “quality.”
Within a lifetime, there was the French Revolution. But fiat money is a much bigger problem than fiat quality. Nobody cares much about fiat quality – consumers have better measures. Inspection certificates are for bureaucracies only.
Watch Blythe Masters, JP Morgan’s inventor of the Credit Default Swap fantasy, and one of John Law’s modern heirs, interviewed here: