"How odd to find that even this industry has its financial panics, and at times sees its
assignats and greenbacks languish to zero, and everything come to a standstill.
While still a few steps from the officer she unfolded the kerchief and took out of it a white twenty-five-ruble
assignat and hastily handed it to him.
Using this property as backing for paper money, known as
assignats, the government began the inflation that would worsen the economic conditions.
To understand libra, it's important to realize that it's merely the culmination of a series of economic and monetary events that starts with French
Assignats and runs straight through Nixon taking us off the gold standard, the Plaza Accord, and China's entrance into the WTO.
The collapse in the value of
assignats, issued by the French government during the revolution years, was taken by many as validating his point.
On October 10, 1789, the properties of the Catholic Church were seized by the National Constituent Assembly as
assignats, or security for expropriated lands.
Think of John Law, the Continentals, the
Assignats, Weimar, or, more recently, Venezuela or Zimbabwe.
All students of the French Revolution are familiar with the
assignats, the paper money first issued by the nascent National Assembly in 1790 and the wide economic turmoil caused by its runaway inflation over the following years.
The official mind and public opinion seemed only to fear the extreme banking experiences of John Law, of the
assignats, or of paper money in the American Colonies.
(5) Examples of horrifying hyperinflations that ruined the real economy were John Law's system in France (1716-1720), the French
assignats (1789-1795), the US continental currency (1785-1790), and the German hyperinflation (1919-1923).
Neither the "edicts" or the "
assignats" of Catherine II, as financial guarantees of currency, nor the imposed or controlled prices were perennial solutions against inflation.