In 1694, 1268 English bankers granted a loan of 1’200’000 pounds to King William III.
The English bankers were hereby entitled to found a central bank, to issue banknotes and to sub-let the King’s debts as bonds.
This central bank system proved effective.
In many other European countries, such central banks were founded.
These debts have not been repaid in any country until today.
Debts are the basis of our global monetary system.