mondojohnson

This is one of those “you learn something new every day” kind of books… I was totally ignorant on the subject.

It concerns Scotsman John Law, who relocated to France after legal friction resulting from a duel. It was there that he more or less created the idea of paper money, creating a speculative frenzy around the Louisiana territories. The term “millionaire” was coined during this era, to describe the newly paper-rich.

Of course, the bubble burst, and Law was excoriated. His reputation never fully recovered, but his ideas obviously endure.