When Louis assured the people, in the speech after his coronation, that there were to be "no more loans, no fresh burdens on the people," he did not know how Turgot was going to accomplish this miracle.

He was unaware that it was to be done by cutting off the cherished privileges of the nobility, and that the proposed reforms were all aimed at the privileged classes.

When this became apparent, indignation was great at Versailles.

The court would not hear of economy.

Turgot was dismissed, and Necker, a Swiss banker (father of Madame de Stael), called to fill his place.
Necker made another mistake.