France calls for punishment as 2008 paper money debacle unfolds

Standing left to right – Mr. Dinesh Jebamani (Chief Manager Liability Product Management and New Age Media – Seylan Bank), Mr.Sudesh Peiris (Senior Manager – Digital Banking Channels – Seylan Bank), Ms. S.Senevirathne (Representative of the Revenue Department – Western Province), Mr. Tilan Wijeyesekera (Deputy General Manager – Retail Banking – Seylan Bank) and Mr. Malik Wickremanayaka (Deputy General Manager – Operations – Seylan Bank)

Sept 23, 2008 (LBO) – French president Nicolas Sarkozy called for those responsible for a global financial crisis to be punished as the biggest debacle so far in a modern re-incarnation of fiat paper money unfolded on its 35th anniversary.

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“Today millions of people around the world are fearful of losing their nest eggs, their apartments, their savings in banks,” Sarkozy was quoted as saying at an awards ceremony, by AFP, a news agency,

“We must provide them with clear answers. Who is responsible for this disaster. That those responsible will be held accountable and punished and that we government leaders will assume our responsibilities.”

He did not say who was responsible.

“If we don’t speak clearly, we won’t create a stable world,” Sarkozy said.

On an earlier era, the French guillotined paper money ‘central bankers’ of the time who created the Assignat paper currency which led to speculative bubbles, asset inflation, food inflation, price controls and food riots.

The 1790 National Constituent Assembly of France abandoned the gold livre money and went into paper money as an easy