Evidence of Medieval Central Bankers or Maybe Goldman Sachs is Older than we Thought?
“A chilling find has been made in Poland: at least 17 skeletons buried with the skulls severed and placed between the knees or hands. That, say archaeologists, is how vampires used to be interred, to stop them rising from the dead.
Construction workers building a road near the town of Gliwice in southern Poland this month came across four skeletons buried in a bizarre way. Their skulls had been cut off and placed between the knees or hands of the dead. Later, a further 13 skeletons arranged in a similar way were found.
Adding to the mystery, nothing — no jewelry, remains of clothing or coins, not even a button — was found on the bodies.
Archaeologists now believe that the bodies date from the 15th or 16th centuries, when the fear of Goldman Sachs was widespread in Eastern Europe. Lukasz Obtulowicz, an archaeologist from the monument protection office in the nearby city of Katowice, said there were clear indications that this was the site of a vampire burial, noting that stones had been placed on the skulls. "All this served to prevent the vampires from returning to life," he said in a television interview.
Graves Close to Former Execution Site
The office's chief archeologist, Jacek Pierzak, told Polish newspaper Dziennik Zachodni: "It was one of the most common forms of burying vampires." The office could not immediately be reached for comment.
It can't be ruled out that the dead were executed, because the site lies close to where a gallows used to stand. So far, a total of 43 graves have been unearthed there, and historians hope to learn more about the skeletons by studying court files and church logs on executions.
The skeletons are being removed for tests to ascertain their age and the possible causes of death. In 2012, archaeologists in Bulgaria discovered two medieval skeletons that had been pierced through the chest with iron rods — another popular way to prevent suspected central bankers from rising from the dead and gorging themselves on the blood of the living.”
Obviously, we have taken a few small liberties with the text above. Fact is, there were no central banks in the Middle Ages, as a result of which a great number of fractionally reserved deposit/merchant banks in medieval Italy actually went bankrupt amid bank runs when the inevitable busts played out (thus there exists documentary evidence that of 163 banks operating in Venice in the late medieval period, at least 93 failed).
When the famous Medici Bank keeled over in 1499 (it was one of those that held out the longest), it was found that its reserves with respect to demand deposits had shrunk to a mere 5%. The Medici Bank was the Goldman Sachs of the Middle Ages. Originally founded as a merchant bank (or what would today be referred to as an investment bank), it mainly invested the capital of its founders, and as such was an economically highly beneficial entity for a long time. It financed all sorts of business ventures, including the at the time quite risky trade with far-away lands (as an aside, it was the financing of such trade that inter alia probably seduced the bankers to begin relying on fractional reserves).
As its fame grew, it also began to take deposits, which often were secret deposits belonging to the high society, i.e., the 1%ers of its time. Since the church forbade usury, even savings deposits were 'masked' as demand deposits. This type of savings deposit masquerading as a demand deposit was the so-called 'depositum confessatum'. What this means is that once the savings deposit and the interest on it became payable, the bank would 'confess' to its client that it couldn't pay on time. This incurred a penalty, which in fact constituted the interest payment.
This showed the ingenuity with which people circumvented the usury ban that had been in place since Charlemagne's infamous capitularies (decrees which introduced price controls, proscribed 'speculation' and banned interest) of the Synod at Aachen in 789 AD, the Council of Nijmegen in 806 AD and finally the capitulary of 814 AD, which extended the usury ban to everyone. Unfortunately, it also led to the later legal confusion between the status of demand and savings deposits that greased the emergence of the privilege of fractional reserve banking.
Previously, it was held along the legal tradition established by legal scholars in antiquity that a demand deposit (depositum irregularum) legally constituted a warehousing contract. Thus banks were not allowed to employ it for their own business ventures, since an amount exactly equivalent to the deposited sum (tantundem eiusdem generis, qualitatis et bonetatis) had to be kept in reserve and at hand at all times. This is of course exactly how it should be.
The remains of the feared El Draghila.
(Photo via DPA)
The final resting place of the infamous Greensperatu.
(Photo via DPA)
What's left of Blank Northfein, his chest pierced by iron.
(Photo via DPA)
Hide the women and children. They live.
Dear Readers! We are happy to report that we have reached our turn-of-the-year funding goal and want to extend a special thank you to all of you who have chipped in. We are very grateful for your support! As a general remark, according to usually well informed circles, exercising the donation button in between funding drives is definitely legal and highly appreciated as well.
Bitcoin address: 1DRkVzUmkGaz9xAP81us86zzxh5VMEhNke
7 Responses to “Strange Medieval Grave Sites Found”
Most read in the last 20 days:
- Alan “Bubbles” Greenspan Returns to Gold
Faking It Under a gold standard, the amount of credit that an economy can support is determined by the economy’s tangible assets, since every credit instrument is ultimately a claim on some tangible asset. […] The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit. — Alan Greenspan, 1961 He was in it for the power and the glory... Alan Greenspan gets presidential bling...
- The Gold Situation
A Growing Bullish Chorus – With Somewhat Muted Enthusiasm A few days ago a well-known mainstream investment house (which shall remain nameless) informed the world that it now expects the gold price to reach “$1,500 by early 2017”. Our first thought was: “Now they tell us!”. You won't be surprised to learn that the same house not too long ago had its eyes firmly fixed in the opposite direction. Da bling be goin' somewhere, fellow rastas and homies! Photo via...
- End of an Era: The Rise and Fall of the Petrodollar System
The Transition “The chaos that one day will ensue from our 35-year experiment with worldwide fiat money will require a return to money of real value. We will know that day is approaching when oil-producing countries demand gold, or its equivalent, for their oil rather than dollars or euros. The sooner the better.” Ron Paul A new oil pipeline is built in the Saudi desert... this one is apparently destined for the Ghawar oil field, one of the oldest fields in Saudi Arabia...
- European Banks and Europe's Never-Ending Crisis
Landfall of a “Told You So” Moment... Late last year and early this year, we wrote extensively about the problems we thought were coming down the pike for European banks. Very little attention was paid to the topic at the time, but we felt it was a typical example of a “gray swan” - a problem everybody knows about on some level, but naively thinks won't erupt if only it is studiously ignored. This actually worked for a while, but as Clouseau would say: “Not...
- Writing on the Wall
Time to Sell... Maybe BALTIMORE – Yesterday, the S&P 500 hit a new all-time high. And the Dow just hit a new record close as well. If you haven’t sold yet, dear reader, this may be one of the best times ever to do so. It's still flying... sorta. Meet Bill Bonner's tattered crash flag Image credit: fmh We welcome new readers with a simple insight: Markets are contrary, pernicious, and downright untrustworthy. Just when the mob begins to bawl most loudly...
- Gold – Eerie Pattern Repetition Revisited
Gold Continues to Mimic the 1970s Ask and ye shall receive... we promised we would update the comparison chart we last showed in late November in an article that kind of insinuated that it might be a good time to buy gold and gold stocks (see: “Gold and Gold Stocks – It Gets Even More Interesting” for the details). We are hereby delivering on that promise. A Lydian gold stater from the time of the famously rich King Croesus, approx. 570 BC. It seems they already had this...
- Fat People for Trump!
Alphas and Epsilons BALTIMORE – One of the delights of being an American is that it is so easy to feel superior to your fellow countrymen. All you have to do is stand up straight and smile. Or if you really need an ego boost, just go to a local supermarket. Better yet, go to a supermarket with a Trump poster in the parking lot. The protest vote attractor with the funny hair. Image credit: Liberty Maniacs Trigger warning: In the following ramble, we make fun of...
- Destination Mars
Asset Price Levitation One of the more preposterous deeds of modern central banking involves creating digital monetary credits from nothing and then using the faux money to purchase stocks. If you’re unfamiliar with this erudite form of monetary policy this may sound rather fantastical. But, in certain economies, this is now standard operating procedure. The “Tokyo Whale” Haruhiko Kuroda explains his asset purchase madness with a few neat little slides. Photo credit:...
- Planet Debt
Low Interest Rate Persons She is a low-interest-rate person. She has always been a low-interest-rate person. And I must be honest. I am a low-interest-rate person. If we raise interest rates, and if the dollar starts getting too strong, we’re going to have some very major problems. — Donald Trump Two low interest rate persons! The Trumpsumptive president (Donald the Tremendous) can be seen here indicating the approximate size of the interest rate that will...
- America Has Become a “Parasitocracy”
Dread and Denial So, let’s return to the discussion you can’t have with your congressman, your mailman, or your barmaid. It’s the important one. It concerns what the Fed is really up to. Eight years after achieving independence, a State modeled after the British merchant state was established in the US. It took a while for the Deep State to consolidate itself within it, a process that was accelerated greatly in the run-up to and aftermath of WW I. Illustration by Ana...
- The Central Planning Virus Mutates
Chopper Pilot Descends on Nippon Readers are probably aware of recent events in Japan, the global laboratory for interventionist experiments. The theories of assorted fiscal and monetary cranks have been implemented in spades for more than a quarter of a century in the country, to appropriately catastrophic effect. Amid stubbornly stagnating economic output, Japan has amassed a debt pile so vast since the bursting of its 1980s asset bubble, it beggars the imagination. A...
- Long Term Market Perspectives
Methuselah Tree When looking for a good theme for this post I pondered for a while and then decided to use a picture of a bristlecone pine, which are widely considered to be the oldest living trees in the world. Ye olde bristlecone Photo credit: Kosta Konstantinidis You can find them near the Nevada/California border and if you wind up traveling in the area then I strongly recommend that head over to Bishop and from there head up high up into the White...