Fiat money inflation in France

Stacy Summary: Video featuring Max Keiser, James Turk and Pierre Jovanovic produced via Gold Money Foundation.

38 comments on “Fiat money inflation in France
  1. Chervonets says:

    Off topic – as usual

    China and others confirming to be on Russia’s side on missile shield issue:
    http://www.themoscowtimes.com/news/article/china-allies-back-russia-on-us-missile-shield/438876.html

    Strategic partnerships are created now for WW III, the ultimate resource grab.

  2. SilverPorno says:

    The French always had something fundamentally right – the guillotine. Always a reminder to the theiving bankers and aristocracy of the time.

    All done away with now, at a time when they should be in full production.

  3. MirrorMirror says:

    Nice work …

    …. now all you need are Greek , Portuguese , Spanish and then Italian subtitles … in that order !
    😉

  4. snoop diddy says:

    nice one, a very enjoyable watch.

  5. adamparis says:

    Actually, the last time the guillotine was used, it was in 1977.

    Since 1981, Mitterand as the new president abolished the death penalty.

  6. sansavoir says:

    Just watched both videos and found a tiny error in the french subtitles. At about 6:10 in the second video it says 1972 instead of 1792. Every bit helps I hope.

  7. SilverCondom says:

    @ Max

    Bravo! Very instructive video!

    In French schools, the emphasis is not put so much on the role of the “Assignats” fiat currency in starting the revolution but rather a revolt of the starving working class to remove the colluded nobility and church from power. And that’s why the French people won’t learn from history just like the other europeans or americans.

    I went through both French and US Universities, and you can be sure that the financial mistakes of the past can be reproduced in the future because historians and history books editors don’t actually put enough emphasis on the real causes of an economic meltdown but rather on its superficial aspects.

    The result is a misinformed and clueless general population that is prone to create the conditions of future financial crisis. Technology evolves and progresses with time
    but not individuals.

    Homo sapiens are not wiser than when they appeared on the planet 200,000 years ago! Shame on us!

  8. SilverPorno says:

    @adamparis

    Seriously? Who was it used on? Not a banker, I guess…

  9. adonisdemilo says:

    @SilverCondom
    Spot on, the problem is these smart ass bankers and politicians think that they’re too smart to fuck up like their ancestors.
    They may yet find out that the poor working class can sharpen their tools (read guillotine) just as good as their ancestors.

  10. SilverPorno says:

    The past ALWAYS repeats itself. It just appears to look different because of the times it occurs in. Everything that exists goes round in a circle.

  11. wikipolis says:

    All well but Max should really tell the whole story, not just the more expedient.
    Yes, printing money most of the time positively correlate with inflation but only as long as the the supply of goods that the money is chasing grows slower (99.9 % of the time). That means that there are ways to create an “Economy of abundance” (not mere precious metal induced scarcity) that are compatible with assignat-like kind of money.
    Everything is fine with gold but everybody in the business knows, or should know, that Weimer inflation started off as a consequence of foreign exchange depreciation (and only in a second time was reinforced by a money supply that was growing faster than underlying goods’ supply). Everybody in the business knows, or should know, that Germans where able to put inflation under control via Rentenmark (literally, “Debt Security Mark”, an assignat if you will) backed by industrial and agricultural assets (rye, for instance) so that the augmenting the undelying assets would have improved the overall economy and would have been internally generated.

  12. george says:

    Great job Max and Stacy. Magnifique!

  13. Danny Cunnington says:

    Great video. I’ve studied this period in French history and are constantly amazed that your average French guy/gal doesn’t seem to know anything about it! The whole reason that banks in France and in the Swiss canton of Switzerland call themselves “Credit this” or Credit that” Is because they had to rebrand “bank” so came up with “credit” as a prefix.

    I hope lots of French people watch this. With a lack of jobs there could be a new growth industry in producing and operating guillotines.

  14. Michael says:

    Get out a book and study, are you nuts! Idols is playing tonight.

  15. Marc Authier says:

    And now the physical silver is about to dissapear from the Comex. Creepy.

  16. Nic the NZer says:

    I don’t really agree with the historical picture that this documentary portrays. There was a problem with the gap between rich and poor eventually ending in the French revolution that much is clear from history.
    I saw an equally compelling documentary which implied the same revolution was caused by filthy conditions in Paris as much as an economic problem. I don’t think that the situation can totally be put down to one or the other so I think it’s a bit miss-leading just to mention the money situation.
    The reason that I think this is important is because Gold backed money or even Gold money is not without precedent. The picture is not totally rosy for so called honest money either.
    Clearly there is massive inflation now and many people are calling for the rules to be reset so it is stopped. But it is equally possible to cheat at the rules with Gold backed currency. You equally need to clean up kleptocrats from this situation as well, just because there is gold backing a currency does not mean that people are abiding by the rules it has maintaining it.
    I mean Max has been implying a fraudulent manipulation of silver markets , surely this implies that a silver or gold backed currency would be open to hoarding and fractional reserve lending just as paper is open to inflation now.
    The real answer is to restore social justice to what ever economic system can be set-up and maintained. Maybe we should extend an amnesty to all bankers world wide allowing them to move to a small island. Then cut off ties with that island and see how their economy works ‘better’ than everybody else. Darwinism suggests that this would lead to extinction of the banker species.

  17. lupe says:

    great video.
    what is the name of the mozart tune at the end of part one?

  18. Bruce says:

    Pierre Jovanovic:
    “People are too lazy to open up their…y’know… their school books…(chuckle)”
    —–
    I’d be surprised if this were even covered in school (in finance-related studies or history) let alone even mentioned in schools in general.

    Any recommended books?

  19. F. Beard says:

    When will folks realise that PM’s are just the fall back position of the usury and counterfeiting class?

  20. ZORRO LONDON says:

    Now heres a real GUILLOTONE inside the Hanoi Hilton

    http://0.tqn.com/d/goseasia/1/0/0/O/-/-/hanoi_hilton_07.jpg

    The really photo does not do it justice.

    When I stood next to it, its cold chilling, beautifully simplicity sends shivvers through you. A beautifully efficient machine …and Eco friendly…..you will be pleased to know Stacey.

    The photos of the women prisoners I should explain were dissidents who the French imperialist colonialists beheaded when they were in control of Vietnam.

    Ordinary poor peasant people in their own country who dared to oppose and resist the French.

    Now where is my list of the first TOP 100!!!…………….Z

  21. ropy says:

    @Bruce… if you follow the links you’ll see several book recommendations on the YT video description..

  22. danH says:

    Max, your at your best when your teaching. Keep it up!

  23. Erin says:

    @max

    Nice!

    You did not skip the genesis of the problem. Fiat money is created to “solve” debts incurred by prior administrations, this intergenerational cheating invites corruption. The obvious solution is not to allow governments to incur debt.

  24. Hob Nilre says:

    What banksters do in life echoes in eternity :-p

  25. SilverCondom says:

    @ZORRO LONDON

    Very interesting! Thank you for the photo of this interesting piece of machinery! A truly
    beautiful piece of art!
    It is about time to take it from the museum and back into mass production! There are so many banksters/politicians who deserve to be shortened by a few inches! 😉
    I want one too!

  26. Steve_D says:

    Fiat money is always introduced as a way to steal the wealth and labor of the masses, while the elites deal in real money …..Gold & Silver (sorry F Beard, but you can’t argue with 5000 years of history)

    Max, it would have been very interesting to see how much the initial 400 mln devalued with each issuance of more fiat into the system ( I know 53 was given as a figure about half way into the QE and it eventually went the way of all fiat ….ZERO )

  27. E. J. M. says:

    Loved it. We need about 10 more hours of history lessons like this going all the way back in time to the beginning of the fiat crap scams that have been pushed down our throats by these ruling elite terdsters. Maybe then we will finally learn not to repeat the same moronic mistakes that have plagued humanity for centuries.

  28. J says:

    Excellent and informative videos. Well done.

  29. Joe Sex Pack says:

    Very well done, enjoyed it! Tres bien.

    Adding a few other voices like James Turk’s & Pierre Jovanovic’s was a nice touch.

    Entertaining & engaging history vid’s can be fun.

  30. Jayme says:

    Cool story.

  31. Aleix says:

    Congrats for that Max

  32. Bruce says:

    ropy | June 16, 2011 at 8:14 pm |
    @Bruce… if you follow the links you’ll see several book recommendations on the YT video description..
    —–
    Thanks Ropy. I missed that. I normally quickly download the videos and watch them from my hard drive (offline).

  33. Antimacassar says:

    Oooh, just one little problem with the video, the Assignat was heavily counterfeited by the British Government.

  34. ropy says:

    @Antimacassar It was being printed 1000s faster in Paris than in London. By the time the English shipped it across the Channel it was already worthless. Also, try counterfeiting gold.

  35. Antimacassar says:

    In a quote from Zarlenga’s book that is itself quoting an essay by Dillaye:
    “Seventeen manufacturing establishments were in full operation in London, with a force of four hundred men devoted to the production of false and forged Assignats. The success and the extent of the labor may be judged by the quantity and value they represented. In the month of May 1795, it was found that there was in circulation from 12 billion to 15 billion francs of forged Assignats… The Assignats in circulation at the time… issued by the Revolutionary government were 7.86 billion francs, and not, as Mr. White has stated 45 billion francs… The value of the lands dedicated… as the basis for redemption… was 15 billion francs…”

    So, the 1000’s of times remark is nonsense and the “try counterfeiting gold” is a distraction from the very relevant point that Mr. Keiser and Co. did not mention a very important historical fact about the Assignat in the video on the topic.