I Never Knew Paper Money Was Scottish
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- čas přidán 19. 11. 2021
- John Law is credited with inventing money and bankrupting France in the Mississippi bubble. He was also convicted of murder and suggested a solution to the post Darien capital crisis that could have saved Scotland from The Union. Scottish history tour guide Bruce Fummey tells the tale
Here's a video about another incredible Scotsman • The Scotsman Who was t...
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Here's a video about Enlightenment Edinburgh • Where Scotland Invente...
The closing of the Scottish Parliament is oft debated, but seldom linked to the Mississippi bubble
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Scotland History Tours is here for people who want to learn about Scottish history and get ideas for Scottish history tours. I try to make videos which tell you tales from Scotland's past and give you information about key dates in Scottish history and historical places to visit in Scotland. Not all videos are tales from Scotland's history, some of them are about men from Scotland's past or women from Scotland's past. Basically the people who made Scotland. From April 2020 onward I've tried to give ideas for historic days out in Scotland. Essentially these are days out in Scotland for adults who are interested in historical places to visit in Scotland.
As a Scottish history tour guide people ask: Help me plan a Scottish holiday, or help me plan a Scottish vacation if your from the US. So I've tried to give a bit of history, but some places of interest in Scotland as well.
Here's a video about another incredible Scotsman czcams.com/video/HbtaYdTPKKU/video.html
ALTERNATIVELY
Here's a video about Enlightenment Edinburgh czcams.com/video/tG8uQSSHG-w/video.html
Why on earth do you not have a TV series? Your telling of history is engaging and not boring at all. Pure dead brilliant!
He does comedy, I forget where I bought it. His timing is amazing.
😘
I for one would love to watch a video on the Darien Scheme.
I've also suggested it on another video ... he tells a little detail on why the Scottish couldn't trade (The English prohibited it at the port they moored at because they didn't want Scotland as a competitor in business), plus the draconian rules they had in Scotland itself, they blackmailed any Scotts owning land in England that they would lose it and they put thousands of English troops around Scotland to keep the Jacobites at bay.
Bruce, you have done it again. That was fascinating! I've never heard that story told that way in all of my studies of European history. I absolutely loved it. It only proves the point... Scots invented everything. Well of course they did! Thanks for the story? Good morning from the east coast of America.
Wow, thanks
Actually the first person to introduce paper money was Richard Whittington during his 2nd term as Mayor of London, his credit was worth more than the Crown’s.
@mikecoulson9709 but he didn't invent penicillin or the telephone though 😂 nor the steam engine or the television..& list goes on & on..
I absolutely adore the bag pipes in the background. Keep the stories coming. They are so interesting.
More to come!
@@ScotlandHistoryTours Bagpipes?
@@DonaldRintoul There are highland pipes playing while he is telling (selling?) the story. lol
@@rlwalker2 Really? 😲🙄
Scotland History Tours - More to come!
Donald Rintoul - Bagpipes?
If the Pipes aren’t playing, it didn’t happen! 😅🤙🏼😝
Always felt school didn't focus enough on Scottish history. Really grateful for your videos and stories.
Lang may yer lum reek.
"We need a new invention,better call a Scotsman" Ain't that the truth.🏴
😜
But will any Scotsmen be found with such low birth rates?
This dude makes the best history videos. Fun and informative. Thanks mate ✌🍻
Glad you like them!
Excellent video.
The Follow Up.
You have to know how money is now created.
The Bank of England Q1 2014 Bulletin website tells us.
Hardly anyone understands the significance and consequences. Those who do probably benefit from the system and say nothing. That’s most economists.
Please read the two articles on “Money Creation.”
Realise why we are in a mess and how it has to get worse for the people with this system.
The Chinese started the process, but the Scottish certainly had their hand in innovating it. That is impressive.
Thanks for your content . I never knew how much Scottish ancestry I had until recently, so I am now learning more about Scottish history.
You Bruce are a brilliant storyteller...
Thank you Frankie
"It was like Kirkcaldy on a wet Wednesday in October."
🤣🤣 Brilliant!
😜
@@ScotlandHistoryTours it could have been anyone of the 365 (6) days really !!!
Great video as always Bruce definitely interested in the Darein Scheme era and how the average Scot felt about it living then. Cheers from Ontario 🇨🇦
Ok, I'm hooked😂!
Your the most energetic person I've ever hear teaching about history. I like history, however you make it come to life, add humor, and able to bring it into the 21st century, getting people thinking about how our countries are ran ( sometimes still using ways of the past).
Thank you, I've enjoyed your great history lessons.
Much Respect and Appreciation.
💙🇺🇸
Thanks Joy
You said last week that I was going to be fascinated by this week's video - and you weren't wrong.
That was absolutely superb. Thank you so much for taking the time to make this and share it with us. It was simply brilliant.
Thank you sir
From Johnny Law to Panama? I'd love a sub-series!
Yet another unbelievable true tale. 👍
Indeed it is!
My goodness Scottish people are incredible! Such a small population but yet have invented so many things that have benefited the world all over..I feel privileged to have Scottish ancestry 😊❤
True
Interesting. I knew it was the Dutch who were the first to use paper money, but didn't realize a Scot gave them the idea
Just Brilliant...again!
And look at us now! Roll on 2023 😃
Thank you!
🌬💨💨💨🌈🔥🔥🔥One Love 🕯RastaMan StoryTeller🌈💰🌈💰🌈
So glad to see this- John Law is one of those historic figures that deserves to be better known for a whole host of reasons. A French poem written on the occasion of his death translates approximately as follows:
Here lies that famous Scottish star
A calculator without equal
Who by the rules of algebra
Has put France in the hospital
The book I got that from (Extraordinary Popular Delusions and the Madness of Crowds by Charles Mackay) says this about Law:
"Historians are divided in opinion as to whether they should designate him a knave or a madman. Both epithets were unsparingly applied to him in his lifetime, and while the unhappy consequences of his projects were deeply felt. Posterity, however, has found reason to doubt the justice of the accusation, and to confess that John Law was neither knave nor madman, but one more deceived than deceiving, more sinned against than sinning. He was thoroughly acquainted with the philosophy and the true principles of credit. He understood the monetary question better than any man of his day; and if his system fell with a crash so tremendous, it was not so much his fault as that of the people amongst whom he had erected it."
He definitely WAS still a bit of a knave, though- you've got to be at least a bit knavish to do all that gambling, bribery and manslaughter.
The fact that a person named Law made modern money in the west is pretty funny/"ironic" for sure!
Wonderful!
Many thanks!
Wow! You out did yourself with that one. That was great.😀👍
Thanks 👍
It's a beautiful building, they should have used it for the new lot.
John Law is not the only Scotsman to have his hand in the economic affairs of France and the American colonies/the early US. William Playfair (1759-1823), brother to Professor John Playfair and uncle to architect William Henry Playfair, was himself a colorful character. He had worked for the firm Boulton and Watt installing Watt's steam engines at the beginning of the Industrial Revolution. He established a bank in France and became adept in printing French currency. He stormed the Bastille and then realized his own peril as the Revolution swept up its own supporters. He had the brilliant idea to sell land in what is now Ohio to French aristocrats fleeing the country in what became America's first political scandal. He spied on behalf of Britain against the French and came up with a brilliant scheme to flood the French economy with counterfeit currency he printed, leading to the collapse of the French economy. And if that is not enough, he pioneered statistical graphs, like pie charts and bar graphs which we use everyday.
Every video I watch of yours I think it's mental that you don't have 10X the number of subscribers. This was fascinating.
Also thats a cracking scarf.
A double length high interest story, Bruce.(See what I did?)
Imagine how inflation has increased since the inception of our currency.
On the £5 note it says still says on it I promise to pay the bearer 5 pounds sterling on demand. At the time that was 5lb of sterling silver. Imagine having to hand over 2.26 kilos of silver to get a cup of coffee ☕ today?
Aye, ye'll hae tae imagine
It would be interesting to hear your take on the South Sea Bubble. From what I understand it England's Darien right after Darien disaster and the Mississippi misadventure.
Bruce you are a fantastic story teller, a natural talented entertainer with a very likeable humane side as well as a witty funny character. Keep entertains my friend. Definitely happy to help sponsor you Bruce. You are a credit to Scotland.
Wow, thanks
Great video, I would love to hear more about the Darian expedition, my father has long told me about how it was the origin of the union.
Loved it. This could be a ‘rich stream’. !
HSBC etc etc. - Think I’ll have to watch a couple more times for all the information to sink in. Put me in mind of Ian Fraser, war hero and person who pretty much invented off shore banking. (qv The High Road to England)
Bruce is always informative and always entertaining.
This was FASCINATING. More please!
Your a cracking orator. Love your channel and history lessons. You would make a brilliant lecturer. Keep up the good work.
Cheers
Yes please, to tales of shenanigans in Central America.
Perhaps you have, by now; I got this one 2 yrs old. I'll check.
I've been thinking too much about United Fruit and the Dulles brothers, and would like background from another angle.
The bag pipes just added the right touch
😂😎
A'reyt Bruce. You got lots into that short video. Another Scot saying the English were bankers? Is that where Napoleon got that from? Well the British did make the French give up a lot of North America including Canada, then years later Napoleon sold the French claim to the rest to the recently formed US for more money for war.
I learned a lot from this. Right on the money! Though you can see why the English want to keep the pound ... Bankers!
Keep it coming Bruce,magic stuff!
Well, I didn't get a chance to watch this on Patreon before it came out here, and more's the pity that. Fascinating stuff. This is one of those stories I, for one, would love to hear more in depth. And yes, I'd also love to hear about the Darien adventure. The bagpipes toward the end were really a nice enhancement to the "end of the story". :-)
Those bagpipes are what your Patreon money pays for🤣
@@ScotlandHistoryTours LOL!
More great stuff Bruce.
Always interesting! Thank you.
The bagpipes go well with the title sequence, well done. Also 77k subscribers?? When did that happen--congrats!!
Wohooooo
The bagpipes are a perfect background soundtrack. 👍
Aye, big budget movie😂
@@ScotlandHistoryTours 😂😂
Brilliant video. Perfect to watch on my lunch break during the hospital night shift in California. Thanks!
9:00 Wee man in the background clearly devistated at hearing how Scots lost half their capital
Bruce, Thanks for another fascinating story and history lesson!
My pleasure!
Law is a family name in my mother's family including my third great grandfather John Law. I have known about the financier John Law for many years. This Law family of my mom's had a reputation for slick business deals as well including cheating each other. I think you can see where this is going. I have not tried very hard to find out if John Law the financier is some relation to me. It could be, given the name, the dates and the Law family reputation. Some sleeping dogs are better left alone.😉
Knocked it out of the park, Bruce. (Do I need to explain that?) Well done.
Thanks John
John Law’s suggestion for issuing money based on land as value is more like MMT than any other approach to currency. The current corporate banking sector has given up on gold to be sure but have retained all of its financial instruments and restrictions.
*"Let me sell you a story..."* 🤣🎯
😜
I've never heard the story, it is a fascinating story.
Wow that was a blast.
Very interesting tale. The birth of modern economics with industrialization to create our modern world is an interesting one. Would love a series on the Dorian Gap events as well.
Hell yeah that's of interest 😍
Love these videos, some will not handle the truth.
We absolutely need you to do a deep dive or two into the Darien expedition disaster thingy and subsequent bale-out shenanigans.
I'm not sure about deep dive. This channel's about telling stories that inspire folk to do their own deep diving. Remember I'm not an historian with scuba gear. I'm a bawbag wi a smart phone and a tripod
Definitely do a video on the Panama canal
Yes, please, more about the doomed Scottish colony.
There is a great novel about John Law called the" gamester " by sabertini
Sure, the Darien scheme is interesting Bruce
The interest is called usury and is still unlawful and illegal to this day. So why are we forced to pay interest (usury)?
Thanks I am very impressed with the knowledge - you must be forever researching.
One tries one's best
@@ScotlandHistoryTours aye tae us ootside hame yer deain fine Laddie most of our history was written by sassanachs eh lol
Shout out to the parent taking their crying child offscreen 😏
And of course we want to hear the story!
😂
Yes. More.
Oh man! Suing, murder, debauchery. Then Royals, gold, money. Mississippi! Clarence gets his wings. A bankrupt country! I WANT THE MOVIE RIGHTS! You looking good my friend.
Aye, quite a film
Good USA Oregon morning to you Bruce.
Morning!
BRILLIANT INSIGHTS INTO THESE ISSUES IN SCOTLAND AND WHEN DID SCOTLAND TRUELY MERGE IN WITH THE UK FINANCES AND ISN'T THERE DIFFERENT PAPER CURRENCY BETWEEN ENGLAND AND SCOTLAND TODAY , NICE UNPLANNED PIPES IN THE BACKGROUND AT THE END , OHHH THE PIPES BRUUUUCE 😆😆 TAKE CARE BROTHER 👌
When I read your title I read it picturing my MA shouting in her broad Glasgow tounge "" UCK C U You'd Get Away Way Murder "" Lol 😂 👍
😂
The Wonderful Life reference for a bank run 😂 did you consider Mary Poppins' too? They seem to be a theme...hrmphhh
Toot sweet
Lord save us from exciting bankers! Laws was a fascinating character, and as the inventor of Fiat money, an architect of the financial system of today. I just wish it was called Mercedes money, the system might not break down so often! Oh and yes, an episode or two on Darien would be well worth waiting for!
I am originally from the State of Louisiana. it translates to "land of Louis" "Louis i ana". yes, please have a second episode on this subject. I find it very interesting. thank you again, Bruce for a very well presented video. by the way, I've watched it twice.
Guid lad
Count me in for video on the Darien affair
💕
😁
Can you tell the story of why fife is a self proclaimed kingdom not recognised by any other government i learned this as a youngster and often wondered if it was true
Hmmmm pretty sure money existed before this chap lived... even promissory notes go further back to ancient Babylon.... Great video as always Bruce. Informative and entertaining!
Promissory notes aren't currency, although I believe the Chinese had it. I chose my words in the video carefully😜 Just enjoy the video and don't be a gripe
hello, slainte, dydd da
your videos are always fascinating..
please can you do a video of the * honours of scotland* the scottish crown jewels and
*king arthurs mound at edinburgh castle site*...
some sasnach fecker, has done one claiming those in the tower of london are fecking old, pretty sure scotlands are older....
czcams.com/video/uY095n5S0rw/video.html
Well, obviously we want you to make a video about the Darian Disaster! (Please!)
Maybe I’m naive but I can’t help but wonder if John’s invention and acceptance of paper money could have resulted in a very wealthy and independent Scotland. 🤔
Who knows
please do Darien scheme!
Obviously, It's a Wonderful Scottish Life, and did John Law get his money back every time a bell rang? There you go again, making a better video every time! "Obair ghrinn!" and Thank You.
'S e do bheatha
So the Louisiana Purchase is the USA buying a chapter 11 company. They didn't tell it that way in school.
I guess the one positive to a Darien Scheme series is that there is nothing to see on the ground, the horror has long since faded back into the jungle. Panama renamed Puerto Escocés (Scottish Harbour) in 2011, erasing the last official memory of New Edinburgh. But, the Pandora's box you'll open ... the Drummonds alone are an entire series of articles, from Glen Coe to alleged murder, piracy and disappearance. And let's not forget the wooly mammoth in the corner!
November '21...another Paterson tangled in hot climates,sticky heat
and silly amounts of money.
Deary deary me!
AND... they had a epidemic going on!
Sorry, you lost me
Hi Bruce, you day Scots lost there sovereignty.
But truth is Scots can't lose its sovereignty because of our constitution where as all Scots are sovereign and they lend there power to the parliamentary. So Scots can be ruled by England or defo westmonster...
Oor constitution explicitly says all Scots are sovereign and the constitution can't be rewritten without all Scots consent...
Have you done any videos on oor constitution.
On the salvo group via the SSRG have been looking at the constitution and finding out more on the trickery by England's establishment to over write it...
Have you any insights on that...
Cheers and thank you fer a great service to Scots history.. am a huge fan....
Saor alba 🏴🏴🏴
I meant Scots cannot be ruled by westmonster or English law as oor constitution is written we are sovereign not oor parliament or ministers....
Predictive txt is a cnut....
Who knows , maybe a video for the future
Read about the Darien adventure by chance in that compact pocket sized Scottish magazine , don,t want to be seen advertising it !! , Anyway considering the way the orange monarch treated us scots after the Darien misadventure it seems surprising that he,s still so revered by a section of scots communities , maybe your next video on it will change a few minds ???
Oooft, there's a vitriolic comment section in the making😂
John Law, et al, were following a practice developed by Jewish tribes throughout Europe and Asia long before the Law's began. These practices included deposits, letters of credit, and withdrawals.
Chinese and Scandinavians also had paper money, which is why I said: 'credited with'
I think that was very interesting as usual but not quite the whole story! England fundamentally wanted the Union to ensure a Protestant succession, they were afraid a Scottish King could be a Catholic and ally Scotland with England's enemies Spain or France, Scotland needed the Union as they were utterly bankrupt as a result of the Darien expeditions (mounted in the desire to set up an alternative to the East India company) and needed a 'bail out'!
Was it the aliens act that stopped Scotland from trading with colonies?
That came later czcams.com/video/ZR2Cb9QLIK4/video.html
Fun video. Not to pick over your last point but . . . France has had several revolutions, a reign of terror, two emperors and five republics while Great Britain has plodded on with the same constitutional monarchy (albeit with a hiccough here and there).
Not to pick over your comment, but you've missed the point I made.
Hahaha nice change-up on the intro. I always say it with you, but you got me this time.
He invented money? Not sure I understand the statement mate. The Drachma has been in use from 6th century BC until just recently with the Euro taking over.
Bruce why not tell the story of how the thistle and unicorn became our national flower and animal, with irn bru our national soft drink of choice or the real story of the haggis supper fae Inverclyde and how it escaped an bred the population of wild lower glen haggi that we see today.
Or even yet, can you tell us the story o brigadoon or some local Perthshire ghost stories/folk tales?
Älso älso (can you name the reference?), I've been a little on the busy side trying to get stuff sorted for interview design. I may have to delay our interview until after the new year.
Sorry, you've lost me completely
@@ScotlandHistoryTours Sorry Bruce, Liam (same guy as above, just on the business/studio channel) here. I sent you an email a wee while back about getting an interview sorted out and also offered some equipment if you ever needed. You maybe didn't get the email, so apologies for any confusion.
PS: That part about the haggis supper was a wee rubbish joke I made on the fly...and it was so shite it could make for good composting....
I'm really embarrassed, but I don't remember and I can't find the email. Feel free to re-send
I was always taught that it was the knights of St. John ( the knights templer ) who invented banking
Aye, but the invention of banking was never mentioned
What happed to the hunch back
I heard he used the money to buy a cathedral
Correct me if I am wrong 🤔:
1-Money, currency..."coined" metals go back to Babylonian times (that one I am quite sure I got right)
2-Money, "printed" money that is...was invented by the Knights Templar ...The1st Bankers of Europe...right?
Is this video strictly limited to Scotland?
I think the Chinese may have been before the Templars
@@ScotlandHistoryTours in "Europe"...? 🤔
Nial Ferguson comes up with this explanation for the French revolution. Personally I think an over heavy aristocracy with too many hangers on was the cause.Napoleon with out any aristocracy over ran the rest of Europe.