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TIP505: The Price of Time w/ Edward Chancellor
We Study Billionaires - The Investor’s Podcast Network
What Is the Law of the Mississippi Company?
He goes to France. He believes that if you print more money, what we would call sort of boost the money supply that you will bring economic prosperity. And he then goes for broke by issuing paper currency and withdrawing gold and silver from circulation. There's a massive increase in the money supply over the course of 1719,. roughly the doubling of the money in circulation. The Mississippi share price rises 20-fold and a large number of enormous fortunes are made. This is a period in which the term millionaire is first coined a French word.
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