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Clergy Oath As Political Tool
- The Directory targeted the clergy with a new civic oath demanding hatred of monarchy to silence opposition.
- Enforcement was selective and aimed at intimidation more than mass deportation.
Deflation Replaced Revolutionary Inflation
- France suffered deflation after abandoning paper currency, collapsing prices and making debts unbearable.
- The Directory faced runaway deflation that hindered borrowing and public finance.
State Bankruptcy Through Bond Repudiation
- Finance Minister Ramel repudiated two-thirds of the national debt by issuing land-backed bonds.
- The move was unprecedented and stabilized the treasury while angering financiers.