Tag Archives: economy

Money creation out of dept: Fractional Reserve Banking


18th century crises: Panic of 1796-97

From Wikipedia, the free encyclopedia The Panic of 1796–1797 was a series of downturns in Atlantic credit markets that led to broader commercial downturns in both Britain and the United States. In the U.S., problems first emerged when a land speculation bubble burst in 1796. The crisis deepened when the Bank of Englandsuspended specie payments on February 25, 1797 under the Bank […]

18th century crises: Credit crises of 1772 orginated in London

Credit crisis of 1772 source: wikipedia The Credit Crisis of 1772 originated in London and then spread to other parts of Europe, such as Scotland and Netherlands. Before crisis From the mid 1760s to the early 1770s, the credit boom, supported by merchants and bankers, facilitated the expansion of manufacturing, mining and internal improvements in both […]

14th century: The Crash of Peruzzi and the Bardi family in 1345

The Crash of the European Financial System in 1345 Florentine banking family. By 1310 they were the wealthiest family in Florence. They and the other two leading family banks, the Peruzzi and the Acciaiuoli, maintained branches at locations stretching from England and the Netherlands to North Africa and the Middle East. The company’s basic operating capital belonged to the […]