lest that thy heart's blood run cold...

Max Lüthi, in his The European Folktale: Form and Nature, systematically contrasts the folktale (Märchen) with the legend (Sagen). Legend, for Lüthi, is something like the Saint’s tale, or the Arthurian tales, which – he claims – endow characters and objects with a “greater three-dimensionality” than folktales. According to Lüthi, folktales are characterized, stylistically, by depthlessness – the other world, the Aber-world, of the supernatural is accepted by the folk tale hero without a blink.

“In the Grimms’ folktale of the Seven Ravens, we are told of the little sister who arrives at the glass mountain: ‘What was she to do now? She wanted to save her brothers and had no key to the glass mountain. The good little sister took a knife, cut off one of her little fingers, pit it into the gate, and thus managed to open it. Once she had made her way in, a little dwarf came to meet her” – and so on, without the slightest indication of physical or psychological distress.” (13)

Lüthi’s examples can be infinitely multiplied. Red Riding Hood shows no surprise that the wolf talks to her; Rosanie accepts Ricdin-Ricdon’s magic wand without any question about how it works, or why, if it possesses the magical qualities Ricdin-Ricdon claims, he hasn’t made better use of it. In Dumb Hans, a hunchback who impregnates a princess simply by wishing is also able, by wishing, to build her a castle and cast off his hump – why, then, did he spend his youth being mocked and tormented for being an ugly hunchback? The superimposition of a violent, sexually active, hierarchical world over a “once upon a time, when wishes were still of use” does not take the questions that arise in that hierarchical world and apply them to the new, hybrid world – instead, there is a sort of automatic assumption that the rules have changed, now. But have changed capriciously, as it were, by themselves.

That general attitude of depthlessness, in the world of folktales, seems to translate an aspect of the culture which, according to an increasingly powerful consensus among the elite in the seventeenth century, was riddled by superstition. The struggle against superstition does not begin in the seventeenth century – Plutarch wrote against superstition. It became one of the commonplaces of Christian preaching. In On Godly Fear, a sermon by Jeremy Taylor, the great Anglican preacher, superstition is analyzed as a misplaced fear, and put among the pagan and Romish practices. It is at the base of idolatry.

“The Latins, according to their custom, imitating the Greeks in all their learned notices of things, had also the same concepiton of this, and by their word superstitio understood “the worship of demons,” or separate spirits; by which they meant, either their minores deos, or else their zoas apotheothentas, “their braver personages, whose souls were suppose to live after death;” the fault of this was the object of their religion; they gave a worship or a fear to whom it was not due: for whenever they worshipped the great God of heaven and earth, they never called that superstition in an evil sense, except the Adeoi, “they that believed there was no God at all.” Hence came the etymology of superstition: it was the worshipping or fearing the spirits of their dead heroes, “quos superstites credebant,” “whom they thought to be alive” after their apotheiosis, or deification, “quos superstantes credebant”, “standing in places and thrones above us;” and it alludes to that admirable description of old age, which Solomon made beyond all the rhetoric of the Greeks and Romans; “Also they shall be afraid of that which is high, and fears shall be in the way;” intimating the weakness of old persons, who, if ever they have been religious, are apt to be abused into superstition; they are “afraid of that which is high;” that is, of spirits, and separate souls of those excellent beings, which dwell in the regions above us...” (Sermons, 1874:66)

This long notion of a misplaced fear, a double of the expected and demanded fear before those who are actually on high, migrates from the Stoics to the Church fathers to the natural scientists. It still constitutes the critical attitude that is taken to superstition and the understanding of folk practices. Yet, there’s an odd break between the ability to go between this world and the other world in the folktales and this picture of the culture of superstition. As always, when folktales pose a hermeneutic problem, they usually produce a folktale about that problem. So, the problem of the wish generates the folktale of the Fisherman’s wife that is about the very nature of wishing; and the problem of fear and its lack becomes “A Tale About the Boy Who Went Forth to Learn What Fear Was.”

To which we will return... Our point, however, is that the struggle against superstition was defined differently at the end of the seventeenth century than at the beginning – that is, for the elite culture. The court position of the astrologer is a good marker of this change. Jean Baptiste Morin, whose book on French astrology (an apparently endless book, having a million volumes, which were employed to build the great wall of France – a little known structure which can be seen from one of our moons) has been partly translated by the American federation of astrologers, was still able to write horoscopes for King Louis XIII and give astrological advice to Richelieu, but even then, he was engaged in a bitter rearguard battle with Gassendi about the truth of astrology. Hervé Drévillon in Lire et ecrire l’avenir notes that the laws against astrology changed during the seventeenth century. In 1628, decrees were made against prophecies that predicted the fates of individuals, princes and states – “It was a matter then of containing astrology in certain limits, without contesting a certain legitimacy and pertinence belonging to it.” However, in “1682, the strategy of monarchic power in regard to astrology changed. From this time forth, it was no longer a matter of containing a discourse in the limits of what was judged politically tolerable, but of eradicating a belief whose effects were considered pernicious for the morality and order of the public.” [226] The members of the erudite elite who were willing to defend astrology dwindled. Perrault, Drévillon notes, in his death notice of the blind military strategist, Blaise de Pagan, attributed Pagan’s book on natural astrology to his “faiblesse.”

Franchising the column

LI owes Scott McLemee, who writes a column at Inside Higher Education, a note of thanks for having publicized our column on academic books (appearing every two months now!) at the Austin American Statesman. We did an interview with him in January, which, rather surprisingly, was quoted in a speech by the president of the Association of American University Presses at their convention. For the first and last time in history, I actually had a tiny tiny effect on the world:

“Last month, during his speech at the annual meeting of the Association of American University Presses, outgoing president Sandy Thatcher quoted from my interview with Roger Gathman, who writes “The Academic Presses” for the Austin paper. “The people making decisions,” Gathman had said, “have to realize that it is in their interest to encourage reading. They have to start thinking about the need to generate an audience. At that level, it makes no sense for all of your cultural coverage to point to activities that don’t involve reading.” Thatcher, who is also the director of Penn State University Press, indicated that his recent venture in editing the review section of a local newspaper, the Centre Daily Times, was inspired in part by that column.

At the time, I pointed out that Gathman’s comment about reading would seem profoundly sensible to anyone who gave it two minutes of thought – but who could spare that much time when (as it seems at newspapers nowadays) the sky is falling?”

I am planning - lazily - to franchise this column, that is, sell it to other newspapers, which could publish it a week after I write it for the Austin American Statesman. My plan is to go to newspapers in university towns - Athens Ga, Madison Wi, Eugene Oregon. The problem with the plan is, of course, exactly what Scott points out in the article - the ethos of newspaper publishing has eroded.

Newspapers are much mythologized beasts - they have by and large contributed to the "softening" of manners that is the mark of liberal society, but they have done so unconsciously, as it were - from Pulitzer to the Chandlers to the Hearsts, media owners have commonly shared the political bent of Murdoch, yet they have depended on writers to provide their materials. Writers are a feu follet breed - normally, their cultural capital is in gross disproportion to the return they make on it. Hence, they are inclined to think of themselves as badly appreciated, which plants the seed of dissatisfaction with social arrangements as they are. And of course they pass through social circles in which the bourgeois norms are bent in any number of interesting ways. This doesn't necessarily result in liberalism per se - it can easily result in extreme reaction - but it shows itself around the edges even in the day to day work of creating establishment supporting narratives.

lies, damn lies, and the conventional wisdom

LI likes to read the econ blogs when times get all roller-coastery. One thing that the blogs share with the thumbsuckers in the papers is that Americans will generally have to get used to lowering their standard of living. This has become the truism du jour, and it goes along with the other truism, which is that Americans have been living way past their standards of living.

Of course, that is all nonsense and lies. There is one and only one cause of our present discontents, which is that Americans – by which I mean the bottom 80 percent – have been horribly underpaid for the last thirty years. It is always and everywhere good to remember that wealth comes only from the bottom. Wealth creation simply doesn’t happen at the top – licitly. Of course, we’ve watched wealth creation happen at the top for years, but a close look at it shows that it is merely the piling of one fiction on top of the other. What the top does, at the limit, is administer and manage. For this function, it has succeeded in rewarding itself with the lion share of the wealth created over the past thirty years – by the bottom 80 percent. When one reads stories, such as the much commented upon story in the NYT about the Diane McCleod, the woman with two jobs, earning 45, 000 per year, who had accumulated debts of around $280,000, including her home, an asset that is probably worth around $160,000 in today’s market, the first thing I thought is that she should probably be making 80 to 90 thousand a year working those jobs. She would be, if wages had risen as they rose in the seventies. But here’s what happened: to arrest the falling profit margins, the political and business establishment decided to smash that rise in the wage rate. They did so under the cover of a story that is universally repeated, and so now, simply assumed. That story is that wealth comes from the top. It is a fairy tale for babies, but it has nicely succeeded in blunting the progressive tendency in taxation as well as arousing the general public’s support for programs designed to cut the general public’s throat. Of course, the guilt machine turns on automatically to make the whole thing go down like sugar. Turns out McCleod liked purses, and purchased many expensive purses on her credit cards. Is that shameful or what? She actually wanted something she considered beautiful in her life. How disgusting.

Or... no. This is what is shameful:

“GE Money Bank, which levied a 27 percent rate on Ms. McLeod’s debt and is part of the GE Capital Corporation, generated profits of $4.3 billion in 2007, more than double the $2.1 billion it earned in 2003.”

In 1979, a 27 percent rate would be illegal.

The U.S. is experimenting with a unique blend of robber baron capitalism and consumerism. The barons depend on the consumer, while at the same time, they chisel down the amount the consumer takes home until, of course, relative to the robber baron the consumer’s income sinks below the horizon. To make up for the logical gap here, the robber baron extends credit at 27 percent to the consumer. To make it, the consumer takes two jobs, thus robbing the day of any moment in which to be simply human. The consumer responds in the classically mammalian way when the lab environment turns hostile, by rushing to the bowl for sweets. In the labs, the rats die and they jack out the kidneys to examine the stress effects. In the suburbs and traffic jams, the consumer’s humanity turns to a peculiar mixture of glucose and methane, while the wallets are jacked out for other charges as they may apply. Outside the window, the world is upside down and the Whore of Babylon has lofted a bright, shiny sword.

what does it mean to orient oneself in thinking?

Kant’s little writings are all too little known, except for the all too known What is Enlightenment. One of his most entertaining papers is entitled “What does it mean to orient oneself in thinking.” It was written to interfere in a dispute between Mendelssohn and Jacobi over the limits of reason and the rights of genius. Mendelssohn, in the course of this dispute, talks about being “oriented” by common sense, or healthy reason, and opts for a religious purified of enthusiasm, worshipping a rational God. Kant, with that driest of dry wits (the wit of the praying mantis as she devours her mate) likes the word orientation (and of course there is a little subdued play here with Mendelssohn as a man from the orient – a Jew).

This is how Kant explains it:

To orient oneself means, properly: out of a given world region (in the four of which we divide the horizon) to find the other, namely, the place of rising (sunrise). If I look at the son in the heaven at this instant and know that it is noon, so I know how to find the south, west, north and east. But I need in support of this throughout the feeling of a difference in my own subject, namely, my right and left hands. I name it a feeling; because these two side show externally to the intuition [Anschauung – inner view] no marked difference. Without this capacity: in the description of a circle, without requiring any distinction of objects in it, to still distinguish the movement of the left to the right from the opposed direction, and through this to determine a difference in the position of the objects a priori, would not be something I knew how to do, if I did not set the West to the right or the left of the south point of the horizon, and so thus should complete the circle with the north and the east until I was again at the south. Thus I orient myself geographically by all objective data on the heavens, but only through a subjective base of difference (Unterschiedungsgrund); and if, in a day through some miracle all the constellations otherwise retaining the same shape and position relative to each other only took a different direction, that is, instead of eastwardly, going now westwardly, in the next starbright night no human eye would perceive the least change, and even the astronomer, if he simply relied on what he saw and not at the same time on what he felt, would be unavoidably disoriented.

Kant always had a deep appreciation of the time reversable world of Newtonian physics. The notion of the sky played backwards or the earth going backwards is a gorgeous mindfall – one can go a long way down, thinking of that. Is there a bottom? This is a subjective claim indeed, but not one often raised in philosophy. Partly because philosophers spend too little time marveling over left and right. Kant, in this essay, uses the term subjective to mean something oddly material – inhabiting a body in space and time. But, as Kant knows, that body is built, partly, of directions that seem to have nothing to do with space and time as we commonly think of them, requiring an imaginary dimension in which we can transfer from left to right and right to left. This is the issue at the heart of the dispute between Leibniz and Newton about absolute vs. relative space. Which I’m not going into, except to note how Kant is building his notions

His next move is to expand this idea – which, incidentally, involves introducing the first practical joke (if we put aside Descartes evil demon) in philosophy (and all the praying mantises go doo, da doo da doot da doot doo da doo da doo doot da doot):

This geographic concept of the process of orientation I can now expand, understanding it thusly: in a given space in general, thus purely mathematically, to orient oneself. In darkness I orient myself in a well known room when I get hold of only a few objects, whose place I have registered in my memory. But here I am obviously helped in nothing by the specific affordances (Bestimmungsvermogen) of the place according to a subjective ground of distinction: then the objects, whose places I should have to find, I don’t see at all; and if someone, playing a joke on me, had put all the same objects in the same order one with another, but to the left where all had previously been to the right, so I would in a room where otherwise the walls were all the same, not be able to find myself. But so I orient myself now through the simple feeling of a difference between my two sides, the right and the left. Just that happens, when I in the nighttime on street otherwise familiar to me, in which I can now not distinguish between houses, go and appropriately wend my way.

Am I the only one, reading this, who thinks:

“He lay on his armour-hard back and saw, as he lifted his head up a little, his brown, arched abdomen divided up into rigid bow-like sections. From this height the blanket, just about ready to slide off completely, could hardly stay in place. His numerous legs, pitifully thin in comparison to the rest of his circumference, flickered helplessly before his eyes.”

I won’t translate all of Kant’s essay. I want to drive us to this passage – and, I assure you, I am still thinking about Wallenstein and superstition. A moment, ladies and gentlemen. Let me compose myself. I haven’t been feeling well lately. Isn’t it hot in here? Let me get out my handkerchief. Actually, touch of an old tropical distemper, plus of course the damned clap. Vixen was well worth it! The worms have the best of it. They dine off the best bits... Was this the face that launched a thousand ships...

Oh.

“The course of things is approximately this. First, genius disports itself by making its bold flights, since it has dropped the thread that otherwise links it to reason. It soon entrances others through mighty speeches and great expectations, and seems to have set itself on a throne, which slow, heavy reason barely graces; whereby it still leads with the language of the same. The at that point assumed maxim of unworthiness of a too highly placed, lawgiving reason we common men call enthusiasm [Schwarmarei] these sports of benificent nature call it illumination. Because in the meantime there must arise a confusion of speech among them because, while reason can assume the dignity to command every man, here now this one, now that one follows his inspirations: thus must finally arise, out of inner inspirations through the testimonies of externally observed facts, out of traditions, that were in the beginning themselves kinds of preferences, with time becoming intrusive oracles [Urkunde], with a word the whole subjection of reason under the fact, i.e. superstition - because this at least carries with it the form of law and thus a point of rest.”

Time for a quick one...

“The double sense of life accuses me...”

In 1797 and 98, Schiller was working on his Wallenstein cycle of plays. Wallenstein, a Bohemian warlord who figured in the thirty years war, was not at first glance an ideal figure for create, in the German language, theater in the Shakespearian vein. In her history of the thirty years war, C.V. Wedgewood pens this portrait:

“He was not a popular man: tall, thin, forbidding, his face in the unexpressive portraits which have survived is not prepossessing. No great master painted him and the limners who attempted his saturnine features agree only in a few particulars. The irregular features, the high cheek bones and prominent nose, the heavy jowl, the thick, out jutting underlip...

Already Wallenstein had a reputation for pretensions beyond his station. A Czech by birth, speaking the language fluently and allied to many of the leading families, dispossessed and otherwise, Wallenstein was influential if not popular in many sections of society...

Meanwhile, before the end of 1623 Wallenstein had contracted a second marriage, with Isabella von Harrach, a lady who regarded him with the nearest approximation to love which we may suppose it was ever his fate to inspire...”

Kepler, who worked for the Bohemian court, had drawn up his horoscope. Although astrologers were employed by all the royal houses in the early 17th century (Campanella, the author of City of the Son, had drawn up Louis XIV’s horoscope), Schiller decided to make astrology as central to Wallenstein’s Death as witchcraft was to MacBeth. Wallenstein did have his own astronomer, “Sini”. Voltaire, in the Philosophical Dictionary, under the entry Astronomy, made some typical acerbic comments about this:

"You should still less be astonished that so many men, who were, besides, elevated above the vulgar, so many princes, so many popes, who one could not fool about the least of their interests, were so ridiculously seduced by that impertinence of astrology. They were very proud and very ignorant. The stars were only for them: the rest of the universe was scum in whose affairs the stars didn’t meddle at all. They were like that prince who trembled at a comet, and who responded gravely to those who didn’t fear it at all: you can talk – you aren’t a prince.

The famous Duke of Wallenstein was one of the most infatuated by this chimera. He called himself a prince, and consequently thought that the zodiac was formed expressly for him. He never besieged a city, he never began a battle, then after having held council with the heavens. But as this great man was extremely ignorant, he had established for the chief of his council an Italian rogue named Jean Baptiste Seni, on whom he bestowed a six horse carriage and a stipend of twenty thousand livres. Jean-Baptiste Seni could not predict, however, that Wallstein would be assassinated by the orders of his gracious lord, Ferdinand II, and that he, Seni, would be returning to Italy on foot.

It is plain that one can know nothing of the future but by conjectures. These conjectures can be so strong that they approach certitude. You see a whale swallow a small boy: you can bet 10,000 to 1 that he will be eaten. However, you can’t be absolutely sure, after the adventures of Hercules, of Jonah and of Roland the fool, who remained so long in the belly of a fish.”

Hmm, I wonder if this entry gives us the seed of the story of Pinocchio? Anyway, in LI’s daunting pursuit of whatever, we will be using Schiller’s Wallenstein and Goethe’s more “instinctive” sense of astrology –as one commentator puts it – to discuss superstition.

homo sominex

One of those facts that makes the drinking man doubt the observant side of the human animal is the strange lag in the discovery that every healthy male sports an erection about every 90 minutes during the sleep cycle. And for y’all ladies out there, well, the vagina goes through a 90 minute cycle as well, tied to REM sleep, of dilation and moistening. Put your hands in the air like you just don’t care! While there are cave paintings of sleeping men with erections and there’s an Egyptian tomb painting of the same fascinating subject, science with a capital S only stumbled onto it in 1944, when it was reported by German doctors. This is all according to Paul Martin’s book on Sleep. That scientists were so late to the game is depressing news – where were the giants of Natural Philosophy back in the 17th century? Martin, hating Freud, hastens to say that the erections and vaginal dilation aren’t sexual in nature. He also says he’d like to buy a bridge in Brooklyn, if any of his readers happen to own one.

That the Nazis were studying sleepers in 1944 seems to surprise Martin, but those of us who’ve read Gravity’s Rainbow realize that WWII was more than a war, it was the world we come from, it was the egg opening, it was the hatching of our common psychotic global humanity, a synergy of endorphins. Our erections were wagging as the bombs were dropping. So of course, humans were guinea pigged on all levels, for all purposes, because this is how control happens, honey. Now, let me strap you back into your cot...

However, I am starting up this subject to link to the review of a book, Insomniac, by Gayle Greene that I received and didn’t review. I feel guilty about that. But when I told my editor I wanted to review two books on sleep problems, he looked at me as if I were nuts. And when I told him Sleepers Civil Rights were the next big next big thing (I get carried away, I foam at the mouth, I start sounding like Maldoror off his meds!), he changed the topic. I obviously had briefly lost that contact with reality. The synaptic distance had lengthened.

Well, the sleepless are truly in a different world from the slugabeds, the ones without the wired brain tap tap tapping Nevermore at the vital center somewhere back there in the brain. I have always loved IT for owning up to the insomnia that keeps her up (If your tired unblinking head/rivet the dark with linear sight...) especially as insomnia is one of those things it is difficult to be in solidarity with – for what does insomnia do but make you cranky, and what makes you crankier than somebody bitching about insomnia? Which is why the sleepless do not form a class. Oh, they might compare remedies, but only to diss each other’s favorites. Sleepless anonymous would be a (waking) nightmare.

Myself, as middle age has crept upon, I’ve encountered the old restless legs/cramped muscles problem that so many have solved simply by putting a bullet in their heads. Actually, it is the cramps that is the worst. The pain scares me – I’ve never been a fan of pain. Especially when my foot will suddenly cramp up. It will happen and then, for nights afterwards, the ghost of that cramp will hover over my foot. I’ll stare at the ghost. The ghost will stare at me. It is a hard thing in life when a man is afraid of his own foot.

I’ve been advised that the best thing is calcium (hence, got some calcium horsepills) and phosphorus (hence, I’m eating ever more bananas). So the nightly routine is sleeping pill, aspirin (on principle) horsepill of calcium. Last week I ran out of sleeping pills, and insouciantly decided to show the world and my foot that I could do without. So for four days I knew four a.m. intimately. And I developed a new syndrome, which I am sure is related to kanashibari, except that instead of feeling a being sitting on my chest, I would get this ghostly feeling. The hairs would rise on my body, like I was scared. And I would feel scared, briefly. Perhaps it was the ghost of my sleep that was visiting me, but really, that’s double dipping and no fair. So I went back to the pills.

This is from D.T. Max’s review of Insomniac:

Insomniac is, along the way, an alarming, uncomfortable portrayal of how researchers in the field fail the sufferers they are supposed to treat. Desperate for funds, bent over by insurance companies, whiplashed by the National Institutes of Health, researchers do not treat insomnia as it is actually experienced. If you cannot cure me, Greene seems to be saying, at least hear me. Don’t tell me how insomnia ought to be, but let me tell you how it really is. “What is missing from everything I read about insomnia is—the insomniacs,” she writes. And earlier she confides, “No doctor I ever saw showed the slightest curiosity about the cocktail of hormones, estrogen, progesterone, thyroid, that I ingest daily.” “This is a somewhat cranky book,” she writes. Indeed it is.
And with reason, as Greene makes clear. Certainly insomnia came early to her and has stayed for a long time. Greene was born wide awake. “There is no sleep in that baby,” her mother wrote to her father in 1944, in a I’ve tried (nearly) everything anyone has ever told me worked for them,” she writes, “and it’s taken me some strange ways: lathering myself in sesame oil, brewing a Chinese herbal tea so foul that my dog fled the kitchen when it steeped, concocting a magnesium supplement that hissed and spat like something out of Harry Potter.” On the pharmaceutical front she’s been equally active, sampling “valerian, kava kava, chamomile, skullcap, passionflower, homeopathic concoctions, L-tryptophan, 5-HTP, GABA, melatonin, Elavil, Zoloft, trazodone, tricyclics.” Add to this the benzodiazepines, “Librium, Valium, Xanax, Dalmane, Klonopin, Restoril, Halcion, and more Ativan than I care to remember or probably can remember, since the drug erodes memory.” Throw in Ambien and Sonata, and “in the bad old days” sedatives such as Nembutal, Seconal, and Miltown. Plus the over-the-counter remedies: Sominex, Nytol, Sleep-Eze. Not to mention other treatments, including meditation, acupuncture, and biofeedback. And on and on, poor soul. Nothing ever quieted her chattering brain.”
Bad old days? What the fuck? Oh please, what I’d not do for a Seconal. I have my own theory about the chattering brain, which is that if you wire it to chatter, it won’t turn off. If I had learned not to read in bed, if I could avoid the computer screen, if I wasn’t continually scribble scribble scribble, if at some point these had been my choices, I believe I’d sleep like my brothers tell me they do. But I took the road less traveled by – because I’m a complete idiot. Although, in fact, I’m not as cranky as Gayle Greene, who has a much deeper condition than I do. The pills work for me. By two, usually, I’m out like a baby.

what hell, what terror!

In our archives, somewhere, are buried the remains of a large essay we were planning on writing about John Law once upon a time. My, how a decade flies when you are having fun!

Antoine Murphy (a wonderfully Beckett sounding name) is your man for all things Law-ful. In his book on Law, he grasps the very central point of what Law called the systéme. Law had seen that the national economies of his day were held back by specie money. Specie money, like gold or silver coin, is, as it were, a self-valueing asset. Its weight and metallic content are, ideally, equal to the value on its face. Thus, the man who carries a gold coin carries a coin literally worth its weight in gold. When a kingdom needed to debase its money, it did so by stinting on the weight and composition of its coinage. Swift’s wrath against the brummagen coinage issued by William Wood, under license from the crown, and with the blessing of the assayer of the mint, Isaac Newton, was directed at the drain of real value that would occur when gold coins at a false weight were exchanged for true. Asset money was always a constraint on a kingdom since it depended on there being in circulation enough gold and silver to allow for the consistent issuance of money. Law correctly saw that this system would forever restrain commerce. Thus, as Murphy explains, Law introduced credit money. The worth of credit money depends on its position in the whole financial system. It is worth nothing in itself except the promise it carries on its face. With credit money, as Murphy points out, an “array of new monetary products (liabilities) ... can be created [from the credit-money system] and the range of loan products (assets) that can be produced.” (108)

When the regent took power after the death of Louis XIV, he was staring at a kingdom that had long been bankrupted to pay for Louis’ wars and projects. Law, a gambler and an outlaw from England (where he’d escaped imprisonment for murder at Newgate), had long been proposing a credit-money scheme to various kingdoms, including Scotland. The Regent, desperate for any expedient to lift the monarchy from ruin, agreed at last to Law’s schemes. I won’t bother with the details of the stages by which Law moved from running a bank to running a monopoly on trade – the Compagnie de l’orient, popularly known as the Mississippi company – to finally running a bank combined with a trade and tax monopoly (the collection of taxes were farmed out in France) with royal backing. And indeed, pumping credit money into France got the country going again. Instead of edging up against the artificial constraint of too little specie money, a stream of credit money re-inflated France’s commerce and reinvigorated the agricultural sector. Law calculated that France could stand a total of 3 billion livres in coinage – a calculation he based on its potential for trade, and its comparative size against England, which was estimated to have 1 billion livres in circulation.

Finally, Law tied credit money to an asset – land. Land had the advantage of not being portable, for one thing – unlike gold. And for another thing, land was, Law thought, the basis of wealth. Having been ceded the land of the Mississippi, Law’s company divided it up – in a sense. That is, one could buy shares of it. And those shares could be exchanged for his bank’s billet, which were supported by the tax farms, which paid off the King’s debt, which had been paid by a loan from the bank.

There are two obvious problems: one is, how do we control the issuing of credit money? it seems like there is a built in incentive to create, as Montesquieu claimed, imaginary money – or at least it was easier to debauch credit money. And the second problem was asset money. People could refuse to exchange credit money and demand asset money. And this would automatically make credit money of less value.

In 1719 and 1720, the Mississippi company “boomed” – meaning that credit money circulated and shares in the Mississippi company rose spectacularly in value. The company’s brokerage house on Quincampoix street became a famous scene of a sort of continual avarice riot. All classes thronged it, trading, going broke, becoming rich. But it was a very fragile structure, a bubble, and at the first sign of trouble, when the shares went down, there was a flight to asset money that devalued the credit money. Law attributed this to the plague that struck Marseilles in 1720 – the same plague Artaud wrote about in Theater and its Double. Artaud wrote about the social structure liquifying in the face of the plague, which was true in one sense. But that liquification was an old fashioned chaos. What was really liquifying the social structure was credit money, and here, the plague created a very conservative reaction. Doctors wanted asset money. So did the butcher, the baker, and the candlestickmaker. Which is when Law persuaded the Regent (who, along with his friends, had become extremely wealthy via Law’s system) to issue a decree banning, in effect, specie money. This was the beginning of the end – the use of force shook confidence in Law, and his enemies used this decree to spread rumors about the true purpose of the system.

Law was forced from his position as France’s Controller General – the position that Colbert held – and had to flee France in a carriage loaned to him by Mme de Prie, a woman who valued her favors. This one was meant to get rid of Law with the least possible difficulty. Mme de Prie had made a mint in the bubble, and in time became Louis XV’s mistress, where she used her influence to keep Law from being recalled to France.

I wonder if, as the carriage crossed the French border, where Law was stripped of his passport and pocket change, whether one could hear, on the wind, the words: “mes gages, mes gages, mes gages.” Or was it something altogether more grandiloquent that ushers in the culture of happiness?

Chi l'anima mi lacera?
Chi m'agita le viscere?
Che strazio, ohimè, che smania!
Che inferno, che terror!