Sound Familiar? The South-Sea Bubble

Andrew Dickson White, founder of Cornell University, says much the same thing about the response of the French to the assignat inflation of the 1790s in his classic Fiat Money Inflation In France.

I keep telling people that the dollar isn't money, that there's no government-sanctioned money left on Earth, that the only security for one's savings is in hard assets, and they keep looking at me as if I have two heads. Hey, maybe I do.

Posted by Francis W. Porretto at December 9, 2008 2:41 PM