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200 14$aThe Day the King Defaulted$b[electronic resource] $eFinancial Lessons from the Stop of the Exchequer in 1672 /$fby Moshe Arye Milevsky
205   $a1st ed. 2017.
210  1$aCham :$cSpringer International Publishing :$cImprint: Palgrave Macmillan,$d2017.
215   $a1 online resource (XXI, 218 p. 23 illus., 17 illus. in color.)
311 0 $a3-319-59986-0 
320   $aIncludes bibliographical references and index.
330   $aThis 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 of the 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. .
606   $aFinance
606   $aFinance$xHistory
606   $aBanks and banking
606   $aEconomic history
606   $aMacroeconomics
606   $aPopular Science in Finance$3https://scigraph.springernature.com/ontologies/product-market-codes/Q43000
606   $aFinancial History$3https://scigraph.springernature.com/ontologies/product-market-codes/617000
606   $aBanking$3https://scigraph.springernature.com/ontologies/product-market-codes/626010
606   $aEconomic History$3https://scigraph.springernature.com/ontologies/product-market-codes/W41000
606   $aMacroeconomics/Monetary Economics//Financial Economics$3https://scigraph.springernature.com/ontologies/product-market-codes/W32000
615  0$aFinance.
615  0$aFinance$xHistory.
615  0$aBanks and banking.
615  0$aEconomic history.
615  0$aMacroeconomics.
615 14$aPopular Science in Finance.
615 24$aFinancial History.
615 24$aBanking.
615 24$aEconomic History.
615 24$aMacroeconomics/Monetary Economics//Financial Economics.
676   $a336.42
700   $aMilevsky$b Moshe Arye$4aut$4http://id.loc.gov/vocabulary/relators/aut$0875495
906   $aBOOK
912   $a9910255040103321
996   $aThe Day the King Defaulted$91954782
997   $aUNINA