Saturday, March 3, 2012

http://en.wikipedia.org/wiki/Louis_XVI_of_France

"Radical financial reforms by Turgot and Malesherbes angered the nobles and were blocked by the parlements who insisted that the King did not have the legal right to levy new taxes. So, in 1776, Turgot was dismissed and Malesherbes resigned, to be replaced by Jacques Necker. Necker supported the American Revolution, and he carried out a policy of taking out large international loans instead of raising taxes. He attempted to gain public favor in 1781 when he had published the first ever statement of the French Crown's expenses and accounts, the Compte rendu au roi. This allowed the people of France to view the king's accounts in modest surplus.[24] When this policy failed miserably, Louis dismissed him, and then replaced him in 1783 with Charles Alexandre de Calonne, who increased public spending to "buy" the country's way out of debt. Again this failed, so Louis convoked the Assembly of Notables in 1787 to discuss a revolutionary new fiscal reform proposed by Calonne. When the nobles were informed of the extent of the debt, they were shocked into rejecting the plan. This negative turn of events signaled to Louis that he had lost the ability to rule as an absolute monarch, and he fell into depression."

The tumbrils are moving into position. 
If we get a "reign of terror" it will be very ugly.

Fifteen dead.

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