Millionaire

Buchzusammenfassung

Janet Gleeson is the author of The Arcanum, The Grenadillo Box, and The Serpent in the Garden. She has worked for the Impressionist Paintings Department at Sotheby’s and has written for many magazines, especially on antiques and art.

At the dawn of 1720, John Law seemed to be at the pinnacle of success, with the Mississippi Company promising untold riches. However, the enterprise was built on illusions—Louisiana’s resources were exaggerated, its land infertile, and its people resistant. As the truth surfaced, stock prices stabilized, and France’s economy, heavily reliant on paper money tied to the company, faced collapse. By late 1719, major investors began withdrawing, and fears of instability led to widespread smuggling of coins. In desperation, Law imposed extreme measures, including banning coin exports and even the wearing of diamonds, but panic only deepened. His attempt to enforce exclusive reliance on paper money backfired, and by May 1720, the circulation of banknotes doubled, worsening the crisis. By December, Law halved the value of paper money, inciting public outrage. Stripped of his position and placed under house arrest, his influence unraveled. Despite his earlier triumphs, including the coining of "millionaire" during the speculative frenzy of 1719, Law’s reliance on expanding credit and paper money proved unsustainable. His rise and fall underscored the fragile trust underpinning modern financial systems, leaving a legacy of innovation and caution.

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