by Martin Armstrong, Armstrong Economics:
We have an amazing number of readers in France, and I want to thank everyone for all the emails documenting what is going on. Anyone who takes videos of protests in the future I have no problem sharing them for the world to see.
The details of what moves people to revolution are important. During the summer of 1789, Paris was in a crisis. The people had been suffering from food shortages and the high taxes used to pay King Louis XVI’s vast debts because of his fiscal mismanagement the treasury was empty at the end of 1788. The French found themselves in the middle of unprecedented political turmoil which erupted with the opening of the Estates General, France’s Parliament, for the first time in more than one hundred years. Many Parisians were also angered by the dismissal of the popular minister Jacques Necker on July 11th. Like Pelosi surrounding the capitol with troops, from the beginning of June 1789, Louis XVI had also positioned troops around Paris also claiming risk of extremists.