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Old May 19th 2009, 11:17 AM
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Michael Michael is offline
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Default Credit Crisis of 1294

Quote:
It is widely believed that the current credit squeeze, leading to bank failures, is a modern phenomenon arising from the interplay of a historically unique set of circumstances that could not have been foreseen. But a team of academics – a finance professor and two medieval historians – at the University of Reading’s ICMA Centre has documented a medieval credit crunch that bears remarkable parallels with the current crisis.
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Very interesting article on a very topical issue! Lessons learned from 700 years ago are still valuable. Indeed, the similarities are striking to the present crisis.

Of additional interest is how France and England paid for their 100 years war.

I think that's could be the basis of the longterm difference in economic output that saw England surpass France as the largest economy in Europe by the 18th century (despite the fact that France was always more populous).
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