Fiat Money Inflation In France

by Andrew Dickson White

About the book

Fiat Money Inflation in France by Andrew Dickson White (first published 1896) is a short, famous historical essay. White, a historian and co-founder of Cornell University, recounts how Revolutionary France issued paper money (the assignats) backed by confiscated land, and how repeated over-issuance led to runaway inflation, economic ruin and social upheaval. It is frequently cited in debates about paper currency and central banking as a cautionary tale about the temptation to print money. The full text is in the public domain.