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Fiat Money Inflation in France: How It Came, What It Brought, and How It Ended


"Fiat Money Inflation in France" by Andrew Dickson White provides an entertaining slice of financial history that is worryingly relevant today. In the first chapter, White explains the situation in France of 1789: the French Revolution was in the air, the national debt was severe, and irredeemable paper money (not backed by the gold standard) was in use. Soon inflation was rampant, people were starving, and businesses were ruined. Politicians blamed the "greedy" shopkeepers, who were then robbed, fined, imprisoned or even ...

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