Colbert was unable to rein in louis XIV's huge expenses because Louis XIV held absolute royal power. Louis XIV was a monarch of the House of Bourbon who reigned as King of France from 1643 until his death in 1715.
Yes, the use of credit is still as dangerous now as it was in the 1920s. This is due to the average U.S. household carrying $15,762 in credit card debt alone.
