Moody’s Overrates 14th Century English Monarchs
Tuesday, 2 October 2007 by Joscelynn TomawFrom Over The Counter:
Financial experts from the University of Reading’s ICMA Centre are to investigate how medieval credit finance arrangements have formed the basis for today’s loans.
“Evidence suggests that English monarchs were sub-prime borrowers, allegedly causing the Frescobaldi of Florence to suffer a ‘run on the bank’ at the turn of the 14th century. This arose precisely as a consequence of a lack of investor confidence due to the bank’s loans to the unreliable Edward I, the then King of England.”
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