An interesting parallel

Here's an interesting and a scary parallel to the current economic crisis. Hopefully things wont be anywhere as bad as this one!

I seriously doubt it unless, ofcourse, someone says, "What if they got laid off, don't they get bonuses?" Now, that might get the aruvaal out, as they say in my parts.

"The next year, Jacques Necker, a foreigner, was appointed Director-General of Finance. Necker realized that the country's tax system subjected some to an unfair burden; numerous exemptions existed for the nobility and clergy. He argued that the country could not be taxed higher, that the nobles and clergy should not be exempt from taxes, and proposed that borrowing would solve the country's fiscal problems. Necker published a report to support this claim that underestimated the deficit by roughly 36,000 livres; and proposed restricting the spending power of the parlements. This was not received well by King's ministers and Necker, hoping to solidify his position, argued to be accepted as a minister. The King refused, Necker was fired, and Charles Alexandre de Calonne was appointed to the Directorship.

Calonne initially spent liberally, but he quickly realized the critical financial situation and put forth a new tax code. The proposal included a consistent land tax, which would include taxation of the nobility and clergy...."