Debts are not a pleasant affair. Not only they burden a person, but also the state, for many years. The first mention of a debt occured 4,000 years ago, which is a very long time.
Let’s take a look at the biggest debts in history.
Forgotten and still unpaid
One of the oldest debts dates back to the 17th century in the Netherlands, when the Maritime Authority passed a law to raise funds. Yale University offered $ 25,000 to buy banknotes from them. The university bought old bills for historical value. No due date has been set – the debt has not yet been repaid. The United Kingdom has a permanent commitment from a “4% loan” issued by Prime Minister Stanley Baldwin in 1927. At that time, he wanted to refinance national loans from the First World War. However, a loan from 1847 helped Ireland during the famine, another significant amount of money was used to compensate slave owners due to the law on the abolition of slavery in Great Britain.
In 1791, a revolt against the slavers began on the Caribbean island of Saint Domingue. This culminated in the establishment of the Republic of Haiti, which was not officially recognized by the United States or European countries. France thus sent warships to Haiti, and the Haitian government subsequently agreed to pay France 90 million gold francs.
Although World War I ended in 1919, an endless cycle of war reparations also began. War reparations then pledged Germany to pay $ 400 billion. The Germans were thus forced to print banknotes to repay the debt. That lead to a financial crisis.
Education comes first
Debts are annoying. Some last a few years and some decades. We are sometimes amazed at the oldest ones, but unfortunately some of them still exist.
Platon Finance is here to show you the ways to manage your finances better. We will also show you how to take care of your finances so that you do not fall into the debt trap. We offer an ecosystem that shows you that finances are not as complicated as they seem at first glance. Education is needed in this regard.
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