SATISH SHARMA - not just Rotigraphy.: The Jewish Bankers Who Funded the Invasion That Created the Modern World

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The Jewish Bankers Who Funded the Invasion That Created the Modern World

In 1688 William of Orange needed seven million guilders to invade England and overthrow a Catholic king. He did not have it. So he went to the Sephardic Jewish bankers of the Dutch Republic, and what happened next changed the financial architecture of the entire Western world.

Francisco Lopes Suasso, a Sephardic banker whose family had fled the Spanish Inquisition, handed William two million guilders with no contract and no collateral. When asked what security he required Suasso answered: if you are victorious you will surely repay me, if not the loss is mine. A two million guilder bet on the outcome of an invasion with nothing in writing.

Suasso was not alone. The Jewish firm of Machado and Pereira had been the primary military contractors for the Dutch Republic's land forces since 1674. Moses Machado and Jacob Pereira supplied and provisioned William's army for the English campaign. Another Sephardic contractor, Jeronimo Nunes da Costa, handled the transit costs of the reinforcement army that joined the invasion. William of Orange was financed, supplied, and provisioned by a network of Sephardic Jews operating out of The Hague.

The invasion worked. James II fled to France without a fight. William and Mary took the English throne in what history calls the Glorious Revolution. And then William imported the Dutch financial system that his Jewish bankers had helped build.

Six years later in 1694 the Bank of England was founded, modeled directly on the Bank of Amsterdam. Parliamentary control of taxation and spending became permanent. Public debt became a financial instrument rather than a royal embarrassment. England went from a country where kings could bankrupt the treasury on impulse to a country with a functioning credit system capable of financing wars, colonies, and an industrial revolution that remade the planet.

The Sephardic bankers who bet on William's invasion did not just fund a change of king. They funded the institutional framework that produced the British Empire, the modern bond market, and the financial system the entire Western world still operates inside today.

Suasso asked for no security. He got the modern world in return.