{"id":6337,"date":"2021-04-28T08:25:08","date_gmt":"2021-04-28T08:25:08","guid":{"rendered":"https:\/\/newmoneyreview.com\/?p=6337"},"modified":"2021-05-13T10:38:05","modified_gmt":"2021-05-13T10:38:05","slug":"living-in-revolutionary-times","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2021\/04\/28\/living-in-revolutionary-times\/","title":{"rendered":"Living in revolutionary times"},"content":{"rendered":"<p>Political revolutions often go hand-in-hand with revolutions in money. Stores of value change, the way we make payments changes, our attitudes to credit change.<\/p>\n<p>According to Rebecca Spang, professor of history at Indiana University, the author of a prize-winning 2015 book called <a href=\"https:\/\/www.amazon.co.uk\/dp\/B00RLHMOF4\/ref=dp-kindle-redirect?_encoding=UTF8&amp;btkr=1\">\u2018Stuff and Money at the time of the French Revolution\u2019<\/a> and our interviewee in <a href=\"https:\/\/blubrry.com\/newmoneyreview\/76612299\/living-in-revolutionary-times\/\">the latest <em>New Money Review<\/em> podcast<\/a>, we may once again be living in revolutionary times.<\/p>\n<p>\u201cPast institutions no longer feel legitimate or stable,\u201d she says in the podcast.<\/p>\n<p>\u201cThe level of instability and uncertainty does make this a revolutionary moment.\u201d<\/p>\n<p>\u201cWe are seeing quite epic and dysfunctional levels of inequality,\u201d says Spang.<\/p>\n<p>When the French revolution took place in 1789, those owning debts suddenly wanted to be paid. France\u2019s credit-based monetary system fell apart and the country hit a severe liquidity crisis.<\/p>\n<p>France then embarked on one of the most famous monetary experiments in history: it issued a new paper form of money that was notionally backed by the property wealth of the old r\u00e9gime.<\/p>\n<p>This so-called \u2018assignat\u2019 experiment eventually caused severe inflation and in 1803 France went back to a gold standard.<\/p>\n<p>Could our current infatuation with different forms of money\u2014from bitcoin to meme stocks and non-fungible tokens (NFTs)\u2014be indicators of a shift similar to the one that took place in France more than two centuries ago?<\/p>\n<p><a href=\"https:\/\/blubrry.com\/newmoneyreview\/76612299\/living-in-revolutionary-times\/\">Listen to the podcast<\/a> to hear Spang and <em>New Money Review<\/em> editor Paul Amery discuss:<\/p>\n<ul>\n<li>Why we may be living through a monetary and political revolution<\/li>\n<li>Why France\u2019s King Louis XVI had \u2018fabulous wealth but very little money\u2019<\/li>\n<li>How credit-based systems can fall into a liquidity crisis<\/li>\n<li>Why France\u2019s land-backed money experiment failed<\/li>\n<li>How US civil war \u2018greenbacks\u2019 drew on France\u2019s revolutionary money history<\/li>\n<li>How cryptocurrencies have revived arguments for privately issued money<\/li>\n<\/ul>\n<p><em><a href=\"http:\/\/eepurl.com\/du6eTr\">Sign up here<\/a> for the New Money Review newsletter<\/em><\/p>\n<p><em><a href=\"https:\/\/blubrry.com\/newmoneyreview\/\">Click here<\/a> for a full list of episodes of the New Money Review podcast: the future of money in 30 minutes<\/em><\/p>\n<p><span style=\"text-decoration: underline;\">Related content from New Money Review<\/span><\/p>\n<p><a href=\"https:\/\/newmoneyreview.com\/index.php\/2019\/09\/14\/the-battle-over-money-printing-rights\/\">The battle over money-printing rights<\/a><\/p>\n<p><a href=\"https:\/\/newmoneyreview.com\/index.php\/2018\/04\/07\/freer-thinking-about-money\/\">Freer thinking about money<\/a><\/p>\n<p><a href=\"https:\/\/newmoneyreview.com\/index.php\/2020\/11\/24\/a-money-revolution-is-going-on\/\">A money revolution is going on<\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Political revolutions often go hand-in-hand with revolutions in money. Stores of value change, the way we make payments changes, our attitudes to credit change. According to Rebecca Spang, professor of [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":6338,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1013,1012,1053,1014,1011],"tags":[2001,2002,2000,2003],"class_list":{"0":"post-6337","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-account","8":"category-exchange","9":"category-featured-1","10":"category-payment","11":"category-value","12":"tag-assignats","13":"tag-greenback","14":"tag-rebecca-spang","15":"tag-revolution"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Living in revolutionary times - New Money Review<\/title>\n<meta name=\"description\" content=\"Times of political revolution are also times of revolution in money. 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