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That Debt From 1720? Britain’s Payment Is Coming
NY Times ^
| December 27, 2014
| Stephen Castle
Posted on 12/29/2014 7:39:58 AM PST by C19fan
Share prices went through the roof, speculation ran wild and money poured into ill-fated ventures before the boom turned, inevitably and catastrophically, to bust.
After that financial crash in 1720, called the South Sea Bubble, the British government was forced to undertake a bailout that eventually left several million pounds of debt on its books. Almost three centuries later, Britons are still paying interest on a small part of that obligation.
Now, prompted by record low interest rates, the British government is planning to pay off some of the debts it racked up over hundreds of years, dating as far back as the South Sea Bubble.
(Excerpt) Read more at nytimes.com ...
TOPICS: History
KEYWORDS: britain; debt; godsgravesglyphs; southseabubble; unitedkingdom
Part of me is sad the British are finally retiring these consols, debt with no maturiy date. They did provide a handy continuous data set of interest rates going back to the 18th century. Also, if you enjoy British Literature these consols, called The Funds, have been mentioned in the works of Austen, Dickens, E.M. Forester, Charlotte Bronte, and Thackery. At the time the Funds were the only relatively safe investment besides land until the birth of the modern corporation.
1
posted on
12/29/2014 7:39:58 AM PST
by
C19fan
To: C19fan
The check is in the mail?
To: C19fan
Very interesting. The world was a much different place back in 1720. If I could climb into a time machine and go back to that year, I’d look up J.S. Bach and tell him to keep up the great work. Mozart - he wasn’t even born yet.
To: cloudmountain
So, we can expect a check for our investment in WWI?
To: Sasparilla
So, we can expect a check for our investment in WWI?Right.
To: C19fan
A debt that is older than the USA has been a country!
6
posted on
12/29/2014 7:55:28 AM PST
by
Star Traveler
(Remember to keep the Messiah of Israel in the One-World Government that we look forward to coming)
To: Sasparilla
"George Osborne, the chancellor of the Exchequer, said this month that in 2015 Britain would repay part of the countrys debt from World War I, and that he wanted to pay off other bonds for debt incurred in the 18th and 19th centuries." Apparently, we can.
To: StayAt HomeMother; Ernest_at_the_Beach; decimon; 1010RD; 21twelve; 24Karet; 2ndDivisionVet; ...
What's their rush?
8
posted on
12/29/2014 9:18:20 AM PST
by
SunkenCiv
(Imagine an imaginary menagerie manager imagining managing an imaginary menagerie.)
To: moose07
On another note, I hear that the illustrious Barry Hussein Odumbo has offered George Osborne, chancellor of the Exchequer, his particular peculiar expertise at lowering debt...
9
posted on
12/29/2014 11:03:02 AM PST
by
NoCmpromiz
(John 14:6 is a non-pluralistic comment.)
To: SunkenCiv
Right, there’s no need to get in a hurry.
10
posted on
12/29/2014 11:04:24 AM PST
by
rdl6989
To: NoCmpromiz
...Barry Hussein Odumbo has offered George Osborne,... When it comes to Debt, Barry is an amature.
11
posted on
12/29/2014 12:04:38 PM PST
by
moose07
(The Camels have reached Radiator Springs; Luigi knows what tyres they need.)
To: Sasparilla
Best you tap France up for that one.
12
posted on
12/29/2014 12:06:06 PM PST
by
moose07
(The Camels have reached Radiator Springs; Luigi knows what tyres they need.)
To: C19fan
I guess we will still be paying off China 300 years from now?
To: C19fan
Also, if you enjoy British Literature these consols, called The Funds, have been mentioned in the works of Austen, Dickens, E.M. Forester, Charlotte Bronte, and Thackery. Also Trollope.
14
posted on
12/29/2014 3:53:20 PM PST
by
Oztrich Boy
(Television: Teacher, Mother, Secret Lover)
To: SamAdams76
In 1720 my grandfather’s grandfather’s grandfather was a young man. Since he was a peasant in eastern Europe, I doubt he had any of these bonds. If he did, none of them came down to me.
To: C19fan
If this was owed by some disgusting Third World cesspool, Obamugabe would be clamoring for debt forgiveness.
16
posted on
12/30/2014 6:47:04 AM PST
by
Bigg Red
(Congress, do your duty and repo his pen and his phone.)
To: C19fan; SunkenCiv
The Odumbo Administration could buy a clue here. The proper reaction to historically low interest rates is pay off debt, not go out and borrow more.
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