Read Millionaire: The Philanderer, Gambler, and Duelist Who Invented Modern Finance By Janet Gleeson

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Millionaire: The Philanderer, Gambler, and Duelist Who Invented Modern Finance-Janet Gleeson

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Ebook About
On the death of France's most glorious king, Louis XIV, in 1715, few people benefited from the shift in power more than the intriguing financial genius from Edinburgh, John Law. Already notorious for killing a man in a duel and for acquiring a huge fortune from gambling, Law had proposed to the English monarch that a bank be established to issue paper money with the credit based on the value of land. But Queen Anne was not about to take advice from a gambler and felon. So, in exile in Paris, he convinced the bankrupt court of Louis XV of the value of his idea. Law soon engineered the revival of the French economy and found himself one of the most powerful men in Europe. In August 1717, he founded the Mississippi Company, and the Court granted him the right to trade in France's vast territory in America. The shareholders in his new trading company made such enormous profits that the term "millionaire" was coined to describe them. Paris was soon in a frenzy of speculation, conspiracies, and insatiable consumption. Before this first boom-and-bust cycle was complete, markets throughout Europe crashed, the mob began calling for Law's head, and his visionary ideas about what money could do were abandoned and forgotten. In Millionaire, Janet Gleeson lucidly reconstructs this epic drama where fortunes were made and lost, paupers grew rich, and lords fell into penury -- and a modern fiscal philosophy was born. Her enthralling tragicomic tale reveals two great characters: John Law, with his complex personality and inscrutable motives, and money itself, whose true nature even to this day remains elusive.

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What goes up, must come down. This oldest rule of physics sums up the life of John Law. In his 58 years he rewrote the laws of finance, implemented a new economic structure in Europe, watched his creation transform society, and then looked on helplessly as his brainchild became a monster, failed spectacularly, and dragged his dream and his personal fate into ignominy. In between these events, John Law distinguished himself as a young rogue, legendary lover, gambler, duellist and courtier. Fascinated by the nature of risk at an early age, he saw how, when properly managed, it could liberate an economy and provide the basis of a banking system which had the power to promulgate a prosperity undreamed of by generations past. His life reads like the ultimate historical romance. It's filled with danger, intrigue, lust, and ambition. In between these adventures the reader is treated to a superb basic education in the history of finance and to the principles which underpin the system of money we take for granted today. It's a rewarding read which gives a tremendous perspective on human nature and how little it changes with the passage of centuries.
A marvelous telling of the amazing life and times of financial pioneer John Law. An adventure story that reads like fiction but is true.

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