June 29, 2011
FinancialGuy is currently reading Talleyrand, a biography of the French statesman by Robin Harris. I’m not far in yet, so this isn’t a book review.
Instead, I would like to share a paragraph that seems oh-so relevant during the current fiscal hurricane that we are living through. It relates to a speech, arguably the start of his political career, made on 22nd October 1783.
“Talleyrand’s speech reflects his settled view of the supreme importance of confidence in financial matters. He argued that if the public finances enjoyed a secure credit, anything was possible. It followed – and this was a subject to which he would return even more insistently under the Revolution – that nothing should be done to forfeit that credit.”
It seems as though some things never change and some lessons are never learned…financialguy