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LOCAL>> Michael Meyer – Benjamin Franklin's Last Bet
Author discusses his book about Franklin’s trust funds bestowed for loans to tradesmen
Benjamin Franklin was not exactly a gambling man. But he wagered 2,000 pounds, at the end of his illustrious life, on the survival of the United States.
Franklin’s bet was that, if the trustees of his legacy funds lent it out over the next 200 years to Boston and Philadelphia tradesmen to jump-start their careers, the U.S. economy would flourish.
Each loan was to be repaid with interest over 10 years, and if all went according to Franklin’s inventive scheme, the accrued final payout in 1991 would prove to be a windfall.
Michael Meyer, in his book Benjamin Franklin’s Last Bet, traces the evolution of these twin funds as they age alongside America itself, bankrolling woodworkers and silversmiths, trade schools and space races.
Franklin’s wager on this early version of microfinancing was misused, neglected, and contested—but never wholly extinguished.
With charm and inquisitive flair, Meyer shows how Franklin’s stake in the “leather-apron” class remains in play to this day, and offers an inspiring blueprint for prosperity in our modern era of growing wealth disparity and social divisions.
In conversation with George Hammond