Show FIRST REAL MONEY MONE y WIZARD john law may well be called th tho daddy of all the get rick quick schemes floated two centuries ago there in paris a greater personage than the young king louls louis XIV or his regent the duke of orleans a money wizard whose operations are recalled by the ponzi speculative scheme in boston he ere was john law a scotsman who through ills friendship with the duke of orleans established a credit bank on the theory that money Is s the cause not the result of wealth he obtained for the banha monopoly of the nations foreign trade the profits of which would repay the investors in 1710 1716 law established a private bank with a capital of livres with power to issue notes it became nn an instant success and his paper currency became more valuable than the minted currency of the government then lie formed his company of 0 the west developing louisiana territory with a capital of OW livres new orleans oilcans was inas built trade expanded shares in the company rose in value until first paris and then the whole of europe went mad everyone was growing rich law became director general of finance for F france ganve but the height was reached in de comber of 1719 1710 when ills his enemies by side schemes began to break him be suddenly found himself bankrupt he escaped from france became a wanderer and died in poverty |