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0 sats \ 0 replies \ @stack_harder 17h \ on: Fun Fact Friday - Best Fun Fact Gets 5,000 CCs meta
John Law fiat and France
John Law was a Scotsman who introduced the first paper money to France in 1716.
He had befriended the Duke of Orleans, who was the regent for the child king Louis XV, and convinced him that paper money was the way to get the French government out of debt.
Initially, this new paper money was limited in supply and was convertible to gold and silver.
Two years later the supply limitation was removed.
The Bank that had been set up to manage the currency printed more and more notes.
Around the same time, Law had established the Mississippi Company and had acquired a monopoly on France’s foreign trade.
In what became the famous Mississippi bubble, huge demand for the shares in the Mississippi Company drove the share price from 500 livres to 18,000 livres.
During the speculative mania the government continued to print more and more paper money.
Eventually the smart money started taking profits, which triggered a collapse in the stock price of the Mississippi Company.
Recognising the danger of fiat currency, many converted their paper profits into gold and silver.
This was a wise move as inflation had reached 23%.
But it would soon destroy the monetary system.
Law initially responded by suspending convertibility into gold and silver and devaluing the paper currency by 50%. But this could not save the system.
The collapse of both the stock price of the Mississippi Company and the paper currency created chaos in France.
Law fled the country and the government returned to a monetary system based on gold and silver.
classic fiat !
42 sats \ 1 reply \ @stack_harder OP 17h \ parent \ on: what do your SN browsing habits look like? AskSN
for some reason, i didn't imagine you as a truck driver. you could put a big Stacker news sticker on the rig!
if i order myself a SN shirt and wear in while swanning around the mall, would that count as valid promotion? seeing as how the average bulgarian wouldn't be looking at me or have a clue what the shirt was referring to?
0 sats \ 0 replies \ @stack_harder OP 18h \ parent \ on: Did people really used to look older? AskSN
old cameras perhaps, but I think you're right , throw in some modern health habits
20 sats \ 0 replies \ @stack_harder OP 20 Feb \ parent \ on: Did people really used to look older? AskSN
double whammy!
21 sats \ 1 reply \ @stack_harder OP 20 Feb \ parent \ on: Did people really used to look older? AskSN
fuck, it's something when im older than the whole cast of cheers, apart from coach of course, the final stop before the abyss
funnily enough the UK is so expensive now that a lot of people find it cheaper to actually go somewhere abroad on holiday for a week, as opposed to renting a house in the countryside
food is one of the worst. do you also get big spikes in things like insurance of car/ veichle taxes ?
makes me wonder who is buying the kashi plant-based bowl lol. so it;s a analog to magic spoon cerial kind of?
I think a lot depends on the brand, but they are my convenient vice, much like @realBitcoinDog's love of soda