Merryn Talks Money: John Law, The Gambler Who Invented Modern Money (Part 1)

The podcast episode features Joe Weisenthal and Tracy Alloway introducing a special holiday episode from Bloomberg's "Merryn Talks Money," hosted by Merryn Somerset Webb and John Stepek. This episode delves into the life and economic theories of John Law, an 18th-century figure described as a gambler, murderer, and economic visionary. Merryn and John discuss Law's early life, his family background in goldsmithing and banking, and a pivotal incident where he was involved in a duel and subsequently fled to France. They explore his monetary theories, including his belief that money is a tool for exchange rather than an intrinsic value, and his proposals for land-based currency. The episode sets the stage for understanding Law's impact on modern monetary systems and his upcoming role in shaping France's economy.