tag:blogger.com,1999:blog-2611021408437270881.post2283145434984684390..comments2024-03-18T23:59:39.885-07:00Comments on Skeptical CPA: Assignats for America!Independent Accountanthttp://www.blogger.com/profile/07800220849565219709noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-2611021408437270881.post-35891642619232862962010-01-17T14:47:06.065-08:002010-01-17T14:47:06.065-08:00Anonymous:
Giving ZB every benefit of the doubt, h...Anonymous:<br />Giving ZB every benefit of the doubt, he is naive. See my 17 December 2008 post: http://skepticaltexascpa.blogspot.com/2008/12/naive-professors.html. I have long believed the US is in a pre-revolutionary state like 1780s France.<br /><br />IAIndependent Accountanthttps://www.blogger.com/profile/07800220849565219709noreply@blogger.comtag:blogger.com,1999:blog-2611021408437270881.post-31475635256536325622010-01-17T12:20:51.827-08:002010-01-17T12:20:51.827-08:00More from Gilded Opinion...
"...The first re...More from Gilded Opinion...<br /><br /><i>"...The first result of this issue was apparently all that the most sanguine could desire: the treasury was at once greatly relieved; a portion of the public debt was paid; creditors were encouraged; credit revived; ordinary expenses were met, and, a considerable part of this paper money having thus been passed from the government into the hands of the people, trade increased and all difficulties seemed to vanish. <br /><br />The anxieties of Necker, the prophecies of Maury and Cazalès seemed proven utterly futile. <br /><br />And, indeed, it is quite possible that, if the national authorities had stopped with this issue, few of the financial evils which afterwards arose would have been severely felt; the four hundred millions of paper money then issued would have simply discharged the function of a similar amount of specie. <br /><br />But soon there came another result: times grew less easy; by the end of September, within five months after the issue of the four hundred millions in assignats, the government had spent them and was again in distress.[12]<br /><br /><b>The old remedy immediately and naturally recurred to the minds of men.</b> <br /><br />Throughout the country began a cry for another issue of paper; thoughtful men then began to recall what their fathers had told them about the seductive path of paper-money issues in John Law's time, and to remember the prophecies that they themselves had heard in the debate on the first issue of assignats less than six months before.<br /><br />At that time the opponents of paper had prophesied that, once on the downward path of inflation, the nation could not be restrained and that more issues would follow. <br /><br />The supporters of the first issue had asserted that this was a calumny; that the people were now in control and that they could and would check these issues whenever they desired.<br /><br />The condition of opinion in the Assembly was, therefore, chaotic: a few schemers and dreamers were loud and outspoken for paper money; many of the more shallow and easy-going were inclined to yield; the more thoughtful endeavored to breast the current..."</i>Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2611021408437270881.post-48857847817989648902010-01-17T12:01:14.828-08:002010-01-17T12:01:14.828-08:00From your excellent "Gilded Opinion" li...<a href="http://www.usagold.com/gildedopinion/assignats.html" rel="nofollow">From your excellent "Gilded Opinion" link...</a><br /><br /><i>"... It would be a great mistake to suppose that the statesmen of France, or the French people, were ignorant of the dangers in issuing irredeemable paper money. <br /><br />No matter how skillfully the bright side of such a currency was exhibited, all thoughtful men in France remembered its dark side. <br /><br />They knew too well, from that ruinous experience, seventy years before, in John Law's time, the difficulties and dangers of a currency not well based and controlled. <br /><br /><b>They had then learned how easy it is to issue it; how difficult it is to check its overissue; how seductively it leads to the absorption of the means of the workingmen and men of small fortunes; how heavily it falls on all those living on fixed incomes, salaries or wages; how securely it creates on the ruins of the prosperity of all men of meagre means a class of debauched speculators, the most injurious class that a nation can harbor,--more injurious, indeed, than professional criminals whom the law recognizes and can throttle; how it stimulates overproduction at first and leaves every industry flaccid afterward; how it breaks down thrift and develops political and social immorality.</b><br /><br />All this France had been thoroughly taught by experience.<br /><br />Many then living had felt the result of such an experiment--the issues of paper money under John Law, a man who to this day is acknowledged one of the most ingenious financiers the world has ever known; and there were then sitting in the National Assembly of France many who owed the poverty of their families to those issues of paper. <br /><br />Hardly a man in the country who had not heard those who issued it cursed as the authors of the most frightful catastrophe France had then experienced.[6]..."</i><br /><br />Pity that Zimbabwe Ben is merely a student of the Great Depression... rather than a student of the French Revolution...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2611021408437270881.post-28480182656664906792010-01-17T10:14:00.726-08:002010-01-17T10:14:00.726-08:00Amiable fill someone in on and this fill someone i...Amiable fill someone in on and this fill someone in on helped me alot in my college assignement. Thanks you seeking your information.Anonymousnoreply@blogger.com