Quotation of the Day…

Tweet

… is from page 60 in that part of Edward Chancellor’s excellent 2022 book, The Price of Time: The Real Story of Interest, in which Chancellor discusses John Law’s ill-fated Mississippi Company (footnote deleted):

The irrepressible [John] Law never admitted the flaws in his System. The French ambassador Count de Gergy, who visited Law in Vienna shortly before he [Law] died in 1729, reported that he had ‘never seen a man more stubborn than him about his cursed System, and in such as way that is probable that from the start of its operations he really believed his projects to be infallible’. Central bankers, who resort to printing money, manipulating interest rates and fuelling asset price bubbles, exude a similar air of infallibility.

DBx: Pictured here is John Law.