In the spring of 1871 after a miserable defeat in the Franco-Prussian War, Paris plunged into a major crisis as local citizens revolted against the government.
Financial markets went berserk as a result, and the prices of French government bonds plummeted.
There’s an old story that an heir to a large fortune came calling to the offices of the Rothschild banking family looking for investment advice.
According to accounts republished several years later by the Wall Street Journal and Chicago’s Daily Tribune, Rothschild advised the man to buy French government bonds.
This post was published at Sovereign Man on August 29, 2017.
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