Sir, – I quote from Raffles and the Golden Opportunity, 1781-1826, by Victoria Glendinning, 2012.
“There was a financial crash in 1825. The Bank of England was chiefly to blame, with its expansionist monetary policies, irresponsible lending, poor supervision, and obfuscated operations. Bursting bubbles were followed by panic selling, falling share prices and a credit squeeze. Bailouts came too late to prevent six London banks and 70 country banks from folding. Property values fell. Fortunes were lost. Notes were printed to ease the money supply.”
When will we ever learn? – Yours, etc,