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From:	Jaq (12.236.178.155)
Subject:	Who is John Law and WHY do some people loath him?
Date:	January 4, 2010 at 1:01 pm PST

I vaguely remember posting this from another source. Once again, this nitwit is sited as being the father of lies that our Banking system seems to have taken their history lessons from.... sigh.

The Man

"John Law was a Scottish economist. When we say "economist," we mean that in the loosest terms possible. Prior to being tasked with running the national bank of France back in the 1700s, you wouldn't have taken him for the kind of guy you would even trust with a child's piggy bank. Possibly because of that unfortunate murder charge that kept him from leaving the country.

But put him in charge they did, and what he did with this newfound power has a whole lot to do with why you're quite possibly living in a trailer park right now.


The Crime ---
John Law, the Guy Who Crashed the World's Economy From the Grave

You've heard of sub-prime lending, right? You know, that's the system where American bankers believed that they could turn a bunch of really bad hobo debts into a class of AAA securities by using nothing more than the power of wishful thinking. Well, turns out, they weren't the first to try the miracles of this practice. Your boy John Law introduced the system in France during the early 18th century with (surprise!) the same disastrous consequences.

As Controller General of Finance, Law convinced the French royals to pay off their government debts by exchanging them for shares in the Mississippi Company, which held exclusive trading rights to France. One small problem: the company wasn't making profits, the shares were worth sh!t and nobody wanted them. To overcome this setback, Law repackaged a bunch of these sub-prime debts as marketable securities and voila--the shares became hotter than a Parisian hooker in a lace corset.

Law's plan worked for awhile--that is, before it crashed and burned. The French economy, along with a lot of Europe, plummeted into deep recession and economic crisis.

Meanwhile, the French peasants, thrown into poverty and destitution, were subjected to the 18th century version of Suze Orman. This understandably set the stage for the French Revolution. It also led to the United States trying the exact same sh!t hundreds of years later which, in turn, led to the Cracked offices being relocated to an abandoned Carl's Jr. on the outskirts of Butte, Montana. Thanks, France!