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The President of the Bank of France, Count Algou, said with a serious expression to Jerome Bonaparte, offering a deferential greeting before tactfully advising, "The role of the Bank of France is to backstop other banks in case of bankruptcy. Hastily lending to the market might lead the French market into a temporary state of prosperity. But once the tide recedes, the French market might face an even greater threat."

Although Count Algou hadn’t systematically studied Keynesian theory ...

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