What do you do when you discover a black hole in the nation’s finances? A hole so enormous you can’t even pay the interest on your existing debts?
Always assuming you want to maintain an army and a Government in the manner to which it has become accustomed (you know, free clothes, free specs, very posh free accommodation, free tickets etc)?
You print money, of course.
These days, it’s called quantitative easing. Back in early 18th century France, they called it ‘le diable d’argent’ – Devil Money.
And it was all the brainchild of a fugitive Scotsman who fled England to avoid execution for murder, who made his living as a gambler and who had some interesting economic theories.
John Law conjured money out of nowhere.
He became the greatest financier in Europe, controller of the entire French economy – from tax-collecting to introducing paper money – lord of Louisiana, founder of New Orleans.
For Billy Barnett, John Law was a meal-ticket, a mentor, a father-figure and a friend.
Until the black hole threatened to swallow everyone up.
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