The Death of French Savings Pre-WWI
- 1800-1804: The Consulate
- 1804-1814: The Empire
- 1814: The First Restoration
- 1814-1815: The Return of Napoleon
- 1815-1830: The Return of the Restoration
- 1830-1848: The British Experiment
- 1848-1851: The Second Republic
- 1851-1852: The military coup-d'état
- 1852-1859: The Empire Strikes Back
- 1860-1870: The Free Trade Experiment (supported by Richard Cobden)
- 1870-1871: Three sieges of Paris, two civil wars, one foreign occupation
- 1870-1879: The State Which Dare Not Speak Its Name (retrospectively declared to be a republic)
- 1879-1914: La Belle Epoque (including the anarchist bombings 1892-1894 and the Dreyfus Affair 1894-1906)
- First, the role of government guarantees and links with favoured banks, ensuring savers were complacent.
- Second the manipulation of economic data by the Russian government, which looks a lot like what's been happening in China.
- Third the fragility of the situation: war can break out. All sorts of assumptions we can make about safe investments go out of the window.