Coin exchange crisis of 692. Byzantine emperor Justinian II refuses to accept tribute from the Umayyad Caliphate with new Arab gold coins for fear of exposing double counting in the Byzantine financial system (actual weight less, than nominal quantity), which leads to the Battle of Sebastopolis and the revolt of taxpayers who burned financial officials in a copper bull. Justinian II was tortured by cutting off his nose in front of spectators at the Hippodrome. Twenty Years' Anarchy begins.
Hyperinflation in the Yuan Dynasty (1350s). Public confidence in the dynasty's fiat money is lost due to the poor quality of the issued currency and overprinting to finance the military. Paper money in China loses its value and is substituted with Bartering.
British credit crisis of 1772–1773 – started in London and Amsterdam, begun by the collapse of the bankers Neal, James, Fordyce, and Down.
War of American Independence Financing Crisis (1776) (United States) – The French monarchy went deeply into debt to finance its 1.4 billion livre support for the colonial rebels; Spain invested 700 million reales.[3]
1 2 Kaletsky, Anatole: Capitalism 4.0: The Birth of a New Economy in the Aftermath of Crisis. (PublicAffairs, 2010), pp. 109–10. Anatole Kaletsky: "The bursting of the tulip bubble in 1637 did not end Dutch economic hegemony. Far from it. Tulipmania was followed by a century of Dutch leadership in almost every branch of global commerce, finance, and manufacturing."
↑ Skrabec, Quentin R. (2015). The 100 most important American financial crises: an encyclopedia of the lowest points in American economic history. Santa Barbara, California: Greenwood, an imprint of ABC-CLIO, LLC. ISBN978-1-4408-3011-2.
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