The Day the King Defaulted
Financial Lessons from the Stop of the Exchequer in 1672
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Beschreibung
This book studies King Charles II's decision to stop all payments from his royal exchequer, a sordid but little-known event in English history with eerie similarities to the cause of the Great Recession of 2008. As with any modern banking crisis, the financial system in 1672 almost collapsed, day-to-day commerce ground to a halt, houses were lost, and ordinary investors suffered – but there was no banking bailout, and no mercy for the goldsmith-bankers who had lent the king millions to fund his unsustainable lifestyle. The royal decision, made in the wake of plagues, fires, and war with the Dutch, left bankers unable to cover their own liabilities and, in the days before bankruptcy, they couldn’t walk away from their obligations and start fresh. Many bankers spent the end of their lives in debtors' prison, but English commoners had little sympathy for the plight of rich financiers – a sentiment echoed after the financial crisis of 2008. Ultimately, this book tells the complete story ofthe Merry Monarch's financial default (England's first and last) using the lens and language of modern financial products and markets. It covers the precarious history leading up to the infamous day in 1672, the intrigue surrounding the ‘stop’ – including those who traded on inside information beforehand – as well as the attempt by distressed creditors to gain financial restitution.
Contrasts the financial instruments blamed for the banking crisis of 2008 with the crisis of 1672
Examines a financial incident that rivals the 1720 South Sea Bubble in economic importance
Combines elements of financial and political history during Restoration England
Contrasts the financial instruments blamed for the banking crisis of 2008 with the crisis of 1672 Examines a financial incident that rivals the 1720 South Sea Bubble in economic importance Combines elements of financial and political history during Restoration England
Autor*in
Moshe Arye Milevsky
Themen in »The Day the King Defaulted«
stop of the exchequer restoration England bank bailout King Charles II 1672 financial crisis financial default Stuart History 17th Century England BREXIT Europe Early Bond Market Goldsmith Bankers banking