His Majesty has kindly authorized me to lay before him the undertaking which he has entered into with himself to assist me in carrying out the schemes of austerity, which at all times, and to-day more than ever, are of essential necessity.“, Turgot, the new Comptroller General of the People, writes to Louis XVI on his inauguration day, August 24, 1774. This sentence, well known to anti-deficit enthusiasts, was read at the conclusion of the Atal Commission: The speaker was Emmanuel Macron. It was January 2008, Nicolas Sarkozy was the President of the Republic, and no more than in 2008, than at the beginning of the reign of Louis XVI, we were able to correct the benchmark of public finances. Turgot failed to settle the score, and popular discontent turned into revolution in the face of a government crippled by debt and powerless to raise more taxes. One of Turgot’s maxims to the sovereign was: “No borrowing because…
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Source: Le Figaro
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.