The National Debt (thread 17), Episode 1: How William III and a Pint of Beer Built Modern National Debt

Let me tell you a wild quick story: the national debt doesn’t start with Hamilton or Jefferson, it really kicks off with William III and the 1694 founding of the Bank of England. Parliament began pledging future taxes as real collateral, turning government promises into tradable assets and giving states the power to borrow big for war.

It’s surprisingly relatable: the same trade-offs — military strength versus taxation, credit versus concentrated power — played out then and still shape politics today. Oh, and fun fact: that original wartime loan wasn’t finally settled until 1994. Pretty crazy, right?