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The Day the King Defaulted : Financial Lessons from the Stop of the Exchequer in 1672 / / by Moshe Arye Milevsky



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Autore: Milevsky Moshe Arye Visualizza persona
Titolo: The Day the King Defaulted : Financial Lessons from the Stop of the Exchequer in 1672 / / by Moshe Arye Milevsky Visualizza cluster
Pubblicazione: Cham : , : Springer International Publishing : , : Imprint : Palgrave Macmillan, , 2017
Edizione: 1st ed. 2017.
Descrizione fisica: 1 online resource (XXI, 218 p. 23 illus., 17 illus. in color.)
Disciplina: 336.42
Soggetto topico: Finance
Finance - History
Banks and banking
Economic history
Macroeconomics
Popular Science in Finance
Financial History
Banking
Economic History
Macroeconomics/Monetary Economics//Financial Economics
Nota di bibliografia: Includes bibliographical references and index.
Sommario/riassunto: 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 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. .
Titolo autorizzato: The Day the King Defaulted  Visualizza cluster
ISBN: 3-319-59987-9
Formato: Materiale a stampa
Livello bibliografico Monografia
Lingua di pubblicazione: Inglese
Record Nr.: 9910255040103321
Lo trovi qui: Univ. Federico II
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