Empire, Currency, and Debt: Part 3

Daily Kos by gjohnsit | Mar. 4, 2007 (Special Report)

Meanwhile, on the other side of the world, France was also losing her colony in what was to become Canada. Not only did France lose her best colonies during the Seven Years' War, she also went heavily into debt while doing it. By 1790 the percentage of tax revenue going to pay for interest on national debt had risen to a staggering 95% of total tax revenue!
Tax was paid only by the so-called Third Estate--peasants, working people and the bourgeoisie, ... Full Story »

Posted by Dale Penn

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Dale Penn
3.5
 by Dale Penn - Oct. 1, 2008

This is the kind of economic analysis with a comparison to past wars and past economic outcomes I've been looking for. This is worthwhile reading, but it isn't the holy grail on this subject, as the anonymous blogger provides conjecture on real inflation - reaching a conclusion I would expect, given that we are spending US$ on the war like drunken sailors - but fails to nail the figures in any convincing way. Perhaps, the figures simply cannot be compiled due to government efforts to paint the picture they want. If so, reality will likely show up in the market which may be the reason for recent volitility.

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