The Day the King Defaulted
eBook - PDF

The Day the King Defaulted

Financial Lessons from the Stop of the Exchequer in 1672

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eBook - PDF

The Day the King Defaulted

Financial Lessons from the Stop of the Exchequer in 1672

Book details
Table of contents
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About This Book

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—and the attempt by distressed creditors to gain financial restitution.

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Yes, you can access The Day the King Defaulted by Moshe Arye Milevsky in PDF and/or ePUB format, as well as other popular books in Business & Finance. We have over one million books available in our catalogue for you to explore.

Information

Publisher
Palgrave Macmillan
Year
2017
ISBN
9783319599878
Topic
Business
Subtopic
Finance
Index
Business

Table of contents

  1. Dedication
  2. Prologue
  3. Acknowledgments
  4. Contents
  5. List of Figures
  6. List of Tables
  7. Chapter 1: Bankers Then and Now
  8. Chapter 2: Dramatis Personae
  9. Chapter 3: The Goldsmith-Bankers
  10. Chapter 4: Personal Finances of a King
  11. Chapter 5: Paid Upon Orders from the Treasury
  12. Chapter 6: Diary of a Default
  13. Chapter 7: Concluding Thoughts for the Twenty-First Century
  14. Appendix A: The Fate of a 2007 Banker
  15. Appendix B: Unpacking the IRR
  16. Bibliography
  17. Index