Odes on Tender Specie(s) Vol III: Bad Faith · Track 9 · middle
Mississippi Bubble (Reprise)
John Law as macroeconomic case study. The Banque Royale, share inflation, the 1720 collapse, the Duke of Orleans' panic. Dr.Pope adds the longue-durée context Nalyd's Vol II ballad couldn't.
Lyrics
The Sun King is gone. France is broke. A vacuum of coin and of faith. And into this silence walks a Scot, a gambler, a duelist named John Law. He doesn't bring gold. He brings a system. May, seventeen-sixteen. The Banque Générale. He tells the Regent, Philippe d'Orléans, "We can make wealth from trust." The first notes rustle, crisp and strange. Lighter than silver. A promise printed on rag paper. A kingdom drowning in debt will believe anything that floats. Then, a year later, the maps are unrolled. Louisiana. A fiction of gold mines and fertile plains, sold in Paris. The Compagnie d'Occident. You could buy a piece of a dream you'd never see. A future made of ink and wax. And the shares, they begin their climb. Oh, the Rue Quincampoix, a river of men. Shouting prices, signing papers on a hunchback's willing spine. They invented a new word for it then: Millionaire. It's always the same System. The asset changes. The belief is the engine. The madness is the fuel. By December seventeen-nineteen, the fever is absolute. Ten thousand livres for a single share. The bank is the Banque Royale now, guaranteed by a child king. A cook becomes a countess overnight. A footman buys an estate. Nobody asks about the swamps of Louisiana. The number is the only truth. But a number that only goes up is a lie waiting for a date. The Prince de Conti sends three wagons for his gold. A crack in the faith. Then May twenty-first, seventeen-twenty. The edict from Law's own hand. Devaluation. The word falls like an axe. The rustle of paper becomes the sound of tearing. Oh, the Rue Quincampoix, a river of tears. Screaming prices, tearing paper, cursing the man and his name. They remembered the word for it then: Ruin. It's always the same System. The asset changes. The belief is the engine. The madness is the fuel. John Law fled in a borrowed carriage. The Regent faced the mobs. And France remembered the weight of a coin, and the lightness of a broken promise. A lesson for the ages. Until the next time.