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Last we left off, paper money doctrine was just starting to be established, with people like Nicholas Barbon beginning to explore the radical idea that gold and silver didnt have any inherent value only the value we gave them. Which leads inevitably to the argument that in using gold and silver, we tie ourselves to a system that has all the disadvantages of a commodity currency without really securing for ourselves anything more tangible than what we get with paper bills. Today we get to watch what happens the first time someone really tries to put paper money doctrine into practice. John Law, the son of wealthy Scottish goldsmiths turned bankers. Until his 17th year, he followed the family trade. But when his father died, he decided that banking was too honest of an employment for him and moved to the seedier side of London. There, he rapidly found that women and cards were far more to his liking than ledgers and receipts. He lived it up as the rake and rogue of lower London. But be