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From Everything.Sucks

John Law was a Scottish economist who distinguished money, only a means of exchange, from national wealth depended on trade. He served as Controller General of Finances of France under the Duke of Orleans, who was regent for the youthful Louis XV. In 1716, Law set up the private Banque Générale in France.

John Law started devaluing shares and banknotes, causing an intense public uproar which leads to stopping payments with metals, according to an article published by Jesse Colombo at

"A scandal ensued in May 1720, when John Law decided that Compagnie shares were overvalued, causing him to start devaluing shares. In addition, Banque Générale notes were devalued by 50%, presumably due to the bank’s precious metals deficit. Law’s devaluation of shares and bank notes caused an intense public uproar, which resulted in a compromise in which the bank notes’ value was restored but payment in precious metals was stopped."


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