The rest of the article is historical (claimed) and an interesting take. Also amusing....
So with the stroke of a pen, the King simply declared those debts illegal and ceased payment. It is – as they say – good to be the king. With that single stroke he stole a huge amount of the country's gold - having already spent it - and forced the young economy to fall flat on its face. The King's various creditors ended up on 'the short end of the stick' (again, this is the source of that expression) and all credit in the country evaporated pretty much overnight.
Sunday, March 11, 2012
Thought For the Day
Once again I paid enough attention to the forecasted fiscal outlook for America that this caught my eye: