Balneus

Australian Lefty on Politics, Governance, Science and Info Management

The Fuggered Economy

Posted by Dave Bath on 2008-10-09


If it’s ok to call ball-point pens "biros" because of the significance of the Laszlo Biro in ball-point development, it’s probably appropriate (and holds truthful phonetic associations) to call the banking industry a bunch of Fuggers.


From wikipedia:

The Fugger family was a historically prominent group of European bankers, members of the fifteenth and sixteenth-century mercantile patriciate of Augsburg, international mercantile bankers, and venture capitalists…

The Fuggers were not only wealthy (Jacob the Rich was possibly the wealthiest person of all time, rigged elections of emperors, promoted wars for profit… a thouroughly modern guy considering that he was born in the 15th century.

Has the social utility and ethical standards of the financial services improved in the last 500 years?

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