France's Ancien Régime Debt

[Frodo]

Spurred by the Sun King's extravagance and push for territorial expansion, and was made exponentially worse by French involvement in the American Revolution from 1778 onwards, and was a major reason for the French Revolution, among others.  Was it ever fully paid off?  And if so, when and how?  

I'm just curious.  

[Antonio the Sixth]

A big part of it was paid off by the revolutionary government seizing and auctioning off Church property (the quantity involved here is massive, so much so that it radically transformed French society by creating a new middle-class of people who were able to buy these "national goods" and turn them into sources of long-term revenue). Another melted away when the government began running the printing press and causing hyperinflation, especially under the Directory. And yet more was paid off with Napoleon's war loots.

Of course, then Napoleon lost and it was France's turn to be looted, so by 1815 it was back to square one with a massive debt. But that one was paid off by more boring means like sound fiscal management and skillful diplomacy.

[Person Man]

A big part of it was paid off by the revolutionary government seizing and auctioning off Church property (the quantity involved here is massive, so much so that it radically transformed French society by creating a new middle-class of people who were able to buy these "national goods" and turn them into sources of long-term revenue). Another melted away when the government began running the printing press and causing hyperinflation, especially under the Directory. And yet more was paid off with Napoleon's war loots.

Of course, then Napoleon lost and it was France's turn to be looted, so by 1815 it was back to square one with a massive debt. But that one was paid off by more boring means like sound fiscal management and skillful diplomacy.

So it was eventually paid off in the long run but it probably weakened the country coming in the late 19th and 20th century.

[Antonio the Sixth]

A big part of it was paid off by the revolutionary government seizing and auctioning off Church property (the quantity involved here is massive, so much so that it radically transformed French society by creating a new middle-class of people who were able to buy these "national goods" and turn them into sources of long-term revenue). Another melted away when the government began running the printing press and causing hyperinflation, especially under the Directory. And yet more was paid off with Napoleon's war loots.

Of course, then Napoleon lost and it was France's turn to be looted, so by 1815 it was back to square one with a massive debt. But that one was paid off by more boring means like sound fiscal management and skillful diplomacy.

So it was eventually paid off in the long run but it probably weakened the country coming in the late 19th and 20th century.

I mean, I guess it did, but not to a significant extent compared to certain other events that weakened France coming in the late 19th and 20th century.

[MASHED POTATOES. VOTE!]

Off-topic, but speaking of large, long-running debts Britain didn't fully paid the debt caused by compensating slave owners after slavery was abolished until 2010s. Also I believe debts caused by the South Sea Bubble aren't fully paid to this day.

In contrast, France, as already stated above, largely paid Ancien Regime's debt by nationalizing and auctioning massive (and I mean really massive) church properties.

[Okay, maybe Mike Johnson is a competent parliamentarian.]

Off-topic, but speaking of large, long-running debts Britain didn't fully paid the debt caused by compensating slave owners after slavery was abolished until 2010s. Also I believe debts caused by the South Sea Bubble aren't fully paid to this day.

In contrast, France, as already stated above, largely paid Ancien Regime's debt by nationalizing and auctioning massive (and I mean really massive) church properties.

The British equivalent I guess would be (hypothetically) a hard-left Labour government auctioning off Balmoral, Sandringham, etc.?

[Tintrlvr]

Off-topic, but speaking of large, long-running debts Britain didn't fully paid the debt caused by compensating slave owners after slavery was abolished until 2010s. Also I believe debts caused by the South Sea Bubble aren't fully paid to this day.

In contrast, France, as already stated above, largely paid Ancien Regime's debt by nationalizing and auctioning massive (and I mean really massive) church properties.

The British equivalent I guess would be (hypothetically) a hard-left Labour government auctioning off Balmoral, Sandringham, etc.?

Church holdings in pre-Revolutionary France were far more extreme than that. More like if the monarchy owned the entirety of a few ceremonial counties, and they were sold to pay debts. The church owned something like 6% of all land in France, I believe.