praxeologist on Nostr: Pt1- The Gambler's Rise to Power Law’s journey began not as a banker or statesman ...
Pt1- The Gambler's Rise to Power
Law’s journey began not as a banker or statesman but as a fugitive. After killing a man in a duel in England, he fled to the Continent, where his sharp mind and gambling prowess earned him notoriety. He believed he had unlocked the secret of wealth creation: money wasn’t just gold or silver but a tool to drive economic growth if issued judiciously.
In early 18th-century France, Law found his golden opportunity. The country was drowning in debt after years of war under Louis XIV, and its financial system was teetering. Law convinced the regent, Philippe d’Orléans, that his ideas could save France. With his charm and persuasive arguments, Law was appointed to lead the newly founded Banque Générale, where he introduced paper money—a revolutionary concept at the time.
Pt2- Building the Mississippi Dream
Law’s ambitions didn’t stop at banking. He acquired control of the Mississippi Company, which held monopolistic rights over trade in France’s colonies in the Americas, including the vast Louisiana Territory. To finance this venture, Law issued shares in the company, payable in his paper money. He promised extraordinary riches, painting Louisiana as a land of untapped gold and fertile opportunity.
The French public, desperate for prosperity, bought into the dream. Share prices skyrocketed, creating a frenzy. Law, now at the height of his influence, consolidated power, becoming France’s de facto finance minister. He centralized control of the economy, merging his bank with the Mississippi Company, and controlled both the issuance of currency and the country’s colonial trade.
#grownostr #fiathistory #bitcoin #economics
Law’s journey began not as a banker or statesman but as a fugitive. After killing a man in a duel in England, he fled to the Continent, where his sharp mind and gambling prowess earned him notoriety. He believed he had unlocked the secret of wealth creation: money wasn’t just gold or silver but a tool to drive economic growth if issued judiciously.
In early 18th-century France, Law found his golden opportunity. The country was drowning in debt after years of war under Louis XIV, and its financial system was teetering. Law convinced the regent, Philippe d’Orléans, that his ideas could save France. With his charm and persuasive arguments, Law was appointed to lead the newly founded Banque Générale, where he introduced paper money—a revolutionary concept at the time.
Pt2- Building the Mississippi Dream
Law’s ambitions didn’t stop at banking. He acquired control of the Mississippi Company, which held monopolistic rights over trade in France’s colonies in the Americas, including the vast Louisiana Territory. To finance this venture, Law issued shares in the company, payable in his paper money. He promised extraordinary riches, painting Louisiana as a land of untapped gold and fertile opportunity.
The French public, desperate for prosperity, bought into the dream. Share prices skyrocketed, creating a frenzy. Law, now at the height of his influence, consolidated power, becoming France’s de facto finance minister. He centralized control of the economy, merging his bank with the Mississippi Company, and controlled both the issuance of currency and the country’s colonial trade.
#grownostr #fiathistory #bitcoin #economics