This chapter did make it into my book, but the editors watered it down by removing a few paragraphs and all of the colorful quotes from the wonderful little book, Extraordinary Popular Delusions and the Madness of Crowds, written by Charles Mackay in 1841. I have now restored it to its original state. All quotes are from Mackay’s book.
Law Learns a Lesson
The Mississippi Bubble
Now for one of the most interesting stories in this whole book…the story of John Law and the Mississippi Company. Talk about an interesting life,John Law’s was a true roller-coaster ride of epic proportions.
Born the son of a Scottish goldsmith and banker, John Law was a bright boy with high mathematical aptitude. He grew up to be quite a gambler and ladies man, and during the course of his exploits he lost his family fortune and moved to London where he survived on his gambling skills.