Showing posts with the label John Law

Shit Shares and Wind Trade, or Why Madoff is not Law

If, in the rarity of quasi-scientific historical frivolousness, one tries to assign specific cause, or 'blame,' or simply 'a major contribution' for such a complex event and with such profound implications for the posterior evolution of Europe, and indeed the world, as the French Revolution of 1789, neither Voltaire nor Rousseau can top the unintended consequences from the grandiose ambitions of the Scottish financial jack-of-all-trades John Law. When his financial adventure for selling shares of what appears to be among the biggest financial enterprises in the beginning of the 18th century - la Compagnie d'Occident - came to an end, the French treasury, and indeed the French crown, were plunged into deep financial recession, which culminated with a spontaneous social revolution. No one really expects that one such contemporary collapse of another financial empire built on lies and avarice that of the American jack-of-all-trades Bernard Madoff, will cause a social