France’s Land Backed Banknotes

        In 1789, France overthrew its government, the replacement for which would be a work in progress for years. The various regimes established in the French Revolution faced daunting fiscal challenges, the very tremors that brought down the old regime. As with many states in financial distress, France turned to the debt markets first and the

Silver Thursday

           Inflation erodes the buying power of money and consequently the real value of income producing investments. In the 1970s, rates of inflation rose precipitously around the world. This reduced not just the value of money and long maturity fixed-income securities but even hurt economic performance and an array of other financial assets, including stocks, which

Gold’s Black Friday

           Imagine a cabal of speculators pushing the limits of legality, or even exceeding them, intent on generating great profits for themselves in the blink of an eye. Such stories are many in the history of finance. From insider trading to market manipulation, the pressure to outperform, or even just the allure of riches, have brought

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