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Author: Commonwealth Shipping Committee
Publisher:
ISBN:
Category : Shipping
Languages : en
Pages : 984
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Author: Commonwealth Shipping Committee
Publisher:
ISBN:
Category : Shipping
Languages : en
Pages : 984
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Author: Great Britain. Parliament. House of Commons
Publisher:
ISBN:
Category : Bills, Legislative
Languages : en
Pages : 986
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Author: Registry of Friendly Societies (Great Britain)
Publisher:
ISBN:
Category : Fraternal organizations
Languages : en
Pages : 620
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Author: Moshe Arye Milevsky
Publisher: Springer
ISBN: 3319599879
Category : Business & Economics
Languages : en
Pages : 230
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Book 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, 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.
Author: Edward Baines
Publisher:
ISBN:
Category : Yorkshire (England)
Languages : en
Pages : 822
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Author: William Parson
Publisher:
ISBN:
Category :
Languages : en
Pages : 732
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Author: Moshe A. Milevsky
Publisher: Cambridge University Press
ISBN: 1316407314
Category : Business & Economics
Languages : en
Pages : 275
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Book Description
In a time before bonds, treasury notes, or central banks, there were tontines. These were schemes in which a group of investors lent money to a government, corporation, or king, similar to a modern-day loan syndicate. But unlike conventional debt, periodic interest payments were distributed only to survivors. As tontine nominees died, the income of survivors correspondingly increased. Morbid, perhaps, but this was one of the earliest forms of longevity insurance in which the pool shared the risk. Moshe A. Milevsky tells the story of the first tontine issued by the English government in 1693, known as King William's tontine, intended to finance the war against French King Louis XIV. He explains how tontines work, the financial and economic thinking behind them, as well as why they fell into disrepute. Milevsky concludes with a provocative argument that suitably modified tontines should be resurrected for twenty-first-century retirement income planning.
Author:
Publisher:
ISBN:
Category : London (England)
Languages : en
Pages : 2010
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Author: Kelly's directories, ltd
Publisher:
ISBN:
Category :
Languages : en
Pages : 1124
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Author:
Publisher:
ISBN:
Category : Staffordshire (England)
Languages : en
Pages : 740
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