Euro Crisis Echoed in Renaissance History As European leaders meet today in a desperate attempt to prevent a colossal euro collapse, a look back at history shows that we have learned little from the past. Excessive debt accumulation, structural weakness and poor management were responsible for economic crashes and collapses since the medieval invention of banking by the Italians, who came up with the deposit account, double entry bookkeeping and the line of credit. “The word bank comes from the Italian, named after the ‘banco’ or bench on which merchants traded. And bankrupt originates from the practice of breaking the bench of an insolvent banker,” said art historian Ludovica Sebregondi, co-curator of “Money and Beauty,” a perfectly timed exhibition which runs in Florence until January 22.

Euro Crisis Echoed in Renaissance History

As European leaders meet today in a desperate attempt to prevent a colossal euro collapse, a look back at history shows that we have learned little from the past.

Excessive debt accumulation, structural weakness and poor management were responsible for economic crashes and collapses since the medieval invention of banking by the Italians, who came up with the deposit account, double entry bookkeeping and the line of credit.

“The word bank comes from the Italian, named after the ‘banco’ or bench on which merchants traded. And bankrupt originates from the practice of breaking the bench of an insolvent banker,” said art historian Ludovica Sebregondi, co-curator of “Money and Beauty,” a perfectly timed exhibition which runs in Florence until January 22.

Source: news.discovery.com

220 notesShowHide

  1. local-ceopro-21-ceo reblogged this from discoverynews
  2. plaintives reblogged this from actegratuit and added:
    Euro Crisis Echoed in Renaissance History
  3. animal-lovers-gifts-057a reblogged this from discoverynews
  4. sonocaddie-golf-gps1 reblogged this from discoverynews
  5. cilcembrace reblogged this from discoverynews and added:
    Share your thoughts on the current Euro-crisis. Does it...achieving ‘global unity’? What...
  6. joaosodre reblogged this from discoverynews
  7. vidhargroedhing reblogged this from discoverynews
  8. angeleek reblogged this from discoverynews
  9. mutualassureddistraction reblogged this from viva-moment
  10. johnnieanonymous reblogged this from topazwoods
  11. topazwoods reblogged this from discoverynews
  12. This was featured in #History
  13. discoverynews posted this