Reply #16: History repeats itself [View All]

[HawkerHurricane]

What historians never tell you is that the first time it's a tragedy, the second time it's a farce.

In the 1500's, Spain was the richest country in Europe. Vast wealth (stolen) from the New World enabled them to hire mercenary armies to dominate the other countries. Unfortunately, they hired more troops than this years income. So they borrowed off of the gold that would come in next year. Eventually, they owed more gold than they could ship in from the Americas...
(That a bunch of pirates and Englishmen were stealing what they could, and the natives kept on revolting over thier treatment didn't help thier economy. But the basic problem was spending more then they were taking in.)