Chancellor Rachel Reeves has been sent one of the first copies of a new novel called ‘Devil Money’ about the economic policies that caused one of the first great global financial crises. The book highlights the danger Governments face trying to deal with their mounting debts.
When France’s King Louis XIV died in 1715 there was a black hole in the nation’s finances so big the Government couldn’t even pay interest on its debts. Yet Ministers refused to cut back on their spending. They wanted to maintain the army and expected perks and pay including free clothes, free meals, free accommodation, free tickets etc.
So, they turned to an economist who performed an economic miracle, creating paper money. These days, it’s called quantitative easing. Back in early 18th century France, they called it ‘le diable d’argent’ – Devil Money.
The Bitcoin phenomenon of the age was the brainchild of John Law, a Scotsman who fled England to avoid execution for murder, made his living as a gambler and became one of the world’s first economists.
John Law (1671-1729) became the greatest financier in Europe, controller of the entire French economy – from tax-collecting to boat-building – lord of Louisiana and founder of New Orleans. Thanks to soaring share prices, he became as rich in his day as Elon Musk is now.
‘Devil Money’ follows his remarkable career through the eyes of stable-boy Billy Barnett.
For Billy, John Law was father-figure, mentor, friend and meal-ticket – until another financial black hole threatened to swallow everyone up.
Theft, lies and Ponzi schemes, insider-dealing, price-fixing, money-printing, fraud, gambling, reckless speculation, tax avoidance, market-rigging – they were all in a day’s work for Billy Barnett.
When it came to treason – John Law started plotting to depose King George I – even Billy had to draw a line. But could he turn paper money back into gold before it was too late?
Author Nigel Hastilow says, ‘John Law created the Mississippi bubble in France which was closely followed by Britain’s South Sea bubble – these financial disasters almost bankrupted two nations and had profound consequences for decades to come.
‘It is doubtful whether many of today’s politicians have heard of John Law, let alone learned the lessons of his career, which is why I am sending a copy of ‘Devil Money’ to Ms Reeves in the hope that – as an economist just like John Law – she is willing to learn from history.
‘John Law founded the Bank of France, nationalised the entire French economy, tried to colonise a vast area of what is now the United States, from Chicago to New Orleans, and sold shares in the state-owned company he ran.
‘The word “millionaire” was coined to describe the people he made rich. But it couldn’t last and the crash, when it came, was so devastating it led eventually to the French revolution 70 years later.’
‘Devil Money’ is available on Amazon price: £15 (Hardback) £7.99 (Paperback) £3.00 (Kindle) or at any decent bookshop.
Watch the video here: https://www.youtube.com/watch?v=lBLGaC3NzJc
Website: www.devil-money.com
About the Author
Nigel is a journalist by trade. He was editor of The Birmingham Post in the 1990s and a columnist for the Wolverhampton Express & Star. He has worked for the Institute of Directors, the Institute of Chartered Accountants and ran his own publishing company.
He has written several books including: The Trials of Eldred Pottinger, an historical romance set during the First Afghan War; Close of Play about plans to turn a cricket ground into a housing estate; The Man Who Invented the News, about a journalist surviving in the English Civil War; and Dead Groovy about the lawyer responsible for the worst deal in the history of rock and roll. He lives in Wickhamford, near Evesham, Worcestershire.
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