The Day The King Defaulted: Financial Lessons From The Stop Of The
Exchequer In 1672

Product Description

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 & ordinary investors suffered-but there was no banking bailout & 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 & war with the Dutch left bankers unable to cover their own liabilities & in the days before bankruptcy they couldn't walk away from their obligations & 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 & last) using the lens & language of modern financial products & 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 beforeh&-and the attempt by distressed creditors to gain financial restitution