The French Revolution and the Assignat

Watch the whole 42-minute video at http://www.goldmoney.com/jovanovic-interview . Pierre Jovanovic (http://www.jovanovic.com) talks to James Turk about how just a couple of generations after John Law, the French people had forgotten the lessons learnt and fell for the same fiat money scam again, this time in the form of the revolutionary Assignat. He explains how originally the Assignat was not supposed to be a form of money, but rather a debt instrument backed by the confiscated property of the church. He explains that the very low prices at which confiscated church property was to be sold drove the demand for the first issue of Assignats, which were the only means of paying for these properties. However the government soon abused its powers and issued more paper money than could be backed by any amount of real estate.