In 1694, King William II of England granted London merchants the right to call themselves 'The Bank of England' and issue banknotes in exchange for a £1.2 million loan to fund a war in France, which established the foundation for the current currency system.

Authors

• Person: Alex Bradshaw Organization: No Border Network
  Alex Bradshaw about the history of the phenomenon of debt

Sources

• Alex Bradshaw about the history of the phenomenon of debt davidgraeber.org Alex Bradshaw · No Border Network via serper

Referenced by nodes (1)

• Bank of England entity