Victor was in town for business for a few days and while we were at breakfast this morning he mentioned a good book to read. So naturally, I thought I would in turn mention it to you. It’s called Fiat Money in France, by Andrew Dickson White. [I also recorded about 11 minutes of HD video with him that I’ll post in the next few days – classic Victor – great stuff. It’s just us at the table, not a fancy presentation, fyi, but no one can top his candor.]
I just looked the book up as soon as I got in, and it turns out that the book is available for free on the internet b/c there is no copyright in the US. You can also down load it from Amazon to your Kindle for free also.
Here is an excerpt:
Early in the year 1789 the French nation found itself in deep financial embarrassment: there was a heavy debt and a serious deficit.
The vast reforms of that period, though a lasting blessing politically, were a temporary evil financially. There was a general want of confidence in business circles; capital had shown its proverbial timidity by retiring out of sight as far as possible; throughout the land was stagnation.
Statesmanlike measures, careful watching and wise management would, doubtless, have ere long led to a return of confidence, a reappearance of money and a resumption of business; but these involved patience and self-denial, and, thus far in human history, these are the rarest products of political wisdom. Few nations have ever been able to exercise these virtues; and France was not then one of these few.