Paper money put into circulation in France in 1789, the year of the Revolution; it was supposed to be covered by the sale of the church’s expropriated properties or to certify claims to them. – The purchasing power of the assignats was reduced by reckless reissuance (from the original 400 million to 12 billion livres) to fifty percent by 1793, and even to eight percent by 1795. The workers, paid in assignats according to the law, became impoverished. – Meanwhile, the price increases in all areas, which were the fault of the revolutionary rulers, were laid at the feet of the peasants and tradesmen; the people’s anger, which was already blazing in revolutionary fashion, was now directed against them. Many were robbed and even beaten to death. In May 1797, the government declared the assignats invalid. Previously, an attempt to replace them with new paper money (mandats territoriaux) had failed. – Derogatory term for money without purchasing power. – See aftermoney, value of money, stability of value of money, inflation, lie-and-deceive thesis, securitization, securitization papers, compulsory currency.

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk
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