Evidence of Medieval Central Bankers or Maybe Goldman Sachs is Older than we Thought?

Der Spiegel reports:

 

“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.

 


 

Skelettfund in Polen
The remains of the feared El Draghila.

(Photo via DPA)

 


 

Skelettfund in Polen
The final resting place of the infamous Greensperatu.

(Photo via DPA)

 


 

Skeleton pierced with a piece of iron is seen on display at the National History Museum in Sofia
What's left of Blank Northfein, his chest pierced by iron.

(Photo via DPA)

 


 

Conclusion:

Hide the women and children. They live.

 


 

 
 

Emigrate While You Can... Learn More

 
 

 
 

Dear Readers!

It is that time of the year again – our semi-annual funding drive begins today. Give us a little hand in offsetting the costs of running this blog, as advertising revenue alone is insufficient. You can help us reach our modest funding goal by donating either via paypal or bitcoin. Those of you who have made a ton of money based on some of the things we have said in these pages (we actually made a few good calls lately!), please feel free to up your donations accordingly (we are sorry if you have followed one of our bad calls. This is of course your own fault). Other than that, we can only repeat that donations to this site are apt to secure many benefits. These range from sound sleep, to children including you in their songs, to the potential of obtaining privileges in the afterlife (the latter cannot be guaranteed, but it seems highly likely). As always, we are greatly honored by your readership and hope that our special mixture of entertainment and education is adding a little value to your life!

   

Bitcoin address: 1DRkVzUmkGaz9xAP81us86zzxh5VMEhNke

   
 

7 Responses to “Strange Medieval Grave Sites Found”

  • niphtrique:

    The article is faulty in identifying the root cause of the problem, which is interest on money. Charlemagne was a wise man and he wanted people to be educated. Charlemange introduced schools but it seems to have been a waste. More than a thousand years later people still do not get it.

    The usury ban was there for a good reason because such a scheme is not sustainable and is the root cause of economic crises. You can do the calculus yourself: assume that a 1/10 oz gold coin was put in the bank on interest in the year 1 AD on 4% interest. How much gold would you have by the year 2000?

    Well… 3.6 * 10^31 kilogramme of gold weighing 6,000,000 times the complete mass of the Earth.

    Savings are backed by debt so interest (usury) is the real cause of our predicament. To some point banking is inflationary as savings can be transformed into money but the interest cannot be paid out of the existing money supply so at some point an economic crisis sets in and banking becomes deflationary and creates an economic crisis.

    Most people like to ignore this basic fact and some blame fractional reserve banking. What is the difference between a savings account and a demand deposit if you can withdraw money from savings accounts any time you want? There is a large gray area of savings accounts and deposits that are withdrawable and are substitutes for money. Banks have a transformation function as they transform shorter term deposits in longer time loans.

    The problem is sticky and cannot be resolved by ending fractional reserve banking because accumulated interest is theoretically infinite. There is a solution: ban interest and charge a fee on money (demurrage) so it is profitable to make loans at 0% interest because you can evade the demurrage in this way. See also:

    http://www.naturalmoney.org/full-theory.html

    • rodney:

      Why make things easy, with a crystal clear analysis based on deductive logic, starting from axioms that cannot be denied, such as the fact that human beings act to achieve goals which they pursue in an attempt to alleviate some uneasiness (“Human Action”, Chapter I, Ludwig von Mises), when you can make things complicated, display to the entire world your mental state of confusion and come up with weird and untenable theories.

      Sure, a tax on holdings of money will solve all our problems. Because, you know, it is easy to confuse savings with money. It is also good for us to eliminate all interest, and therefore all credit, because, of course, don’t you know, all credit is bad, even legitimate credit backed by real savings, or as Keith would say, time deposits with perfect duration matching. And finally, a pearl of wisdom, we need money to circulate more because hoarding is bad, even though that’s the exact same worry that the French Revolutionary Assembly had when they first issued the assignats.

      Yes, things can get confusing when we want to build a thery without a conceptual framework.

      • niphtrique:

        Making assumptions about my mental state seems a refuge because you have no arguments.

        Vompound interest is theoretically infinite and that is a fact. Such a scheme cannot be maintained indefinitely and that is a fact. Abolishing fractional reserve banking does not solve this issue is a fact. It is impossible to refute this, without resorting to some kind of delusional thinking.

        For the rest you go on making assumptions about my thoughts, such as that I want to ban credit backed by legitimate savings, which I do not. It must be attractive to save money otherwise the idea will not work.

        Then you assume that I have no conceptional framework, which I have. We are living in controlled virtual reality and our thoughts and actions are controlled by a progamme. So, if God is willing, Natural Money will surely become the money of the future.

        I am aware of the fact that the theory has not been pointed out thoughtfully and that it needs addional source material. I am working on that, most notably on the influence of demurrage on the natural rate of interest.

  • SavvyGuy:

    Wow, summer flew by so fast! Is it already Halloween?

    • jimmyjames:

      “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.

      ***********

      So… 500 years from now they will dig up massive sites of bodies that were buried with their skulls up their asses and archaeologists will conclude that these were the voters of their own demise during the 21st century?

  • rodney:

    Diggers are still searching for that most egregious of blood suckers: “QE to infinity and beyond!!!”

  • rodney:

    “Whatever it takes” seems to have had his legs cut below the knees, and “Irrational Exuberance” looks like his grave leaked water.

Your comment:

You must be logged in to post a comment.

Most read in the last 20 days:

  • TMS-2 fast versionA Date Which Will Live in Infamy
      President Nixon’s Decision to Abandon the Gold Standard Franklin Delano Roosevelt called the Japanese “surprise” attack on the U.S. occupied territory of Hawaii and its naval base Pearl Harbor, “A Date Which Will Live in Infamy.”  Similar words should be used for President Nixon’s draconian decision 45 years ago this month that removed America from the last vestiges of the gold standard.   Nixon points out where numerous evil speculators were suspected to be...
  • Perfect-InvestmentInsanity, Oddities and Dark Clouds in Credit-Land
      Insanity Rules Bond markets are certainly displaying a lot of enthusiasm at the moment – and it doesn't matter which bonds one looks at, as the famous “hunt for yield” continues to obliterate interest returns across the board like a steamroller. Corporate and government debt have been soaring for years, but investor appetite for such debt has evidently grown even more.   The perfect investment for modern times: interest-free risk! Illuustration by Howard...
  • CorporateMediacontrolTrump's Tax Plan, Clinton Corruption and Mainstream Media Propaganda
      Fake Money, Fake Capital OUZILLY, France – Little change in the markets on Monday. We are in the middle of vacation season. Who wants to think too much about the stock market? Not us! Yesterday, Republican presidential candidate Donald Trump promised to reform the U.S. tax system.   This should actually even appeal to supporters of Bernie Sanders: the lowest income groups will be completely exempt from income and capital gains taxes under Trump's plan. We expect to hear...
  • mania1The Great Stock Market Swindle
      Short Circuited Feedback Loops Finding and filling gaps in the market is one avenue for entrepreneurial success.  Obviously, the first to tap into an unmet consumer demand can unlock massive profits.  But unless there’s some comparative advantage, competition will quickly commoditize the market and profit margins will decline to just above breakeven.   Example of a “commoditized” market – hard-drive storage costs per GB. This is actually the essence of economic...
  • Mark Carney starts work as Bank of England governor in Dave Simonds cartoonBank of England QE and the Imaginary “Brexit Shock”
      Mark Carney, Wrecking Ball For reasons we cannot even begin to fathom, Mark Carney is considered a “superstar” among central bankers. Presumably this was one of the reasons why the British government helped him to execute a well-timed exit from the Bank of Canada by hiring him to head the Bank of England (well-timed because he disappeared from Canada with its bubble economy seemingly still intact, leaving his successor to take the blame).   This is how Mark Carney is seen by...
  • web-puzzled-man-scratching-head-retro-everett-collection-shutterstock_91956314News from TINA Land
      Distortions and Crazy Ideas We have come across a few articles recently that discuss some of the strategies investors are using or contemplating to use as a result of the market distortions caused by current central bank policies. Readers have no doubt noticed that numerous inter-market correlations seem to have been suspended lately, and that many things are happening that superficially seem to make little sense (e.g. falling junk bond yields while defaults are surging; the yen rising...
  • old friendsAn Old Friend Returns
      A Rare Apparition An old friend suddenly showed up out of the blue yesterday and I’m not talking about a contributor who had washed out and, after years of ‘working for the man’, decided to return for another whack at beating the market. Instead I am delighted to report that I am looking at a bona fide confirmed VIX sell signal which we haven’t seen for ages here.   Hello, old friend. Professor X and Magneto staring each other down in the plastic...
  • tortoiseThe Fabian Society and the Gradual Rise of Statist Socialism
      The “Third Way”   “Stealth, intrigue, subversion, and the deception of never calling socialism by its right name” – George Bernard Shaw   An emblem of the Fabian Society: a wolf in sheep's clothing   The Brexit referendum has revealed the existence of a deep polarization in British politics. Apart from the public faces of the opposing campaigns, there were however also undisclosed parties with a vested interest which few people have heard about. And...
  • Lighthouse in Storm --- Image by © John Lund/CorbisSilver is in a Different World
      The Lighthouse Problem Measured in gold, the price of the dollar hardly budged this week. It fell less than one tenth of a milligram, from 23.29 to 23.20mg. However, in silver terms, it’s a different story. The dollar became more valuable, rising from 1.58 to 1.61 grams.   Who put that bobbing lighthouse there? Image credit: John Lund / Corbis   Most people would say that gold went up $6 and silver went down 43 cents. We wonder, if they were on a sinking boat,...
  • storming the storeRetail Snails
      Second Half Recovery Dented by “Resurgent Consumer” We normally don't comment in real time on individual economic data releases. Generally we believe it makes more sense to occasionally look at a bigger picture overview, once at least some of the inevitable revisions have been made. The update we posted last week (“US Economy, Something is Not Right”) is an example.   Eager consumers storming a store Photo credit: Daniel Acker / Bloomberg   We'll make an...
  • The CongressThe Fed’s “Waterloo” Moment
      Corrupt and Unsustainable James has been a big help. Trying to get him to sleep at night, we have been telling him fantastic and unbelievable bedtime stories – full of grotesque monsters... evil maniacs... and events that couldn’t possibly be true (catch up here and here).   He turned his head until his gaze came to rest on the barred windows of the main building. Finally, he spoke; as far as I was aware these were the first words he had uttered in more than five years....
  • Zimbabwe_$100_trillion_2009_ObverseGood Money and Bad Money
      Confidence Gets a Boost OUZILLY, France – Last week’s U.S. jobs report came in better than expected. Stocks rose to new records. As we laid out recently, a better jobs picture should lead the Fed to raise rates. This should cause canny investors to dump stocks.   Canny investors at work (an old, but good one...) Cartoon via Pension Pulse   But the stock market paid no attention. It follows logic of its own. Headlines told us that last Friday’s report “boosted...

Austrian Theory and Investment

Support Acting Man

Own physical gold and silver outside a bank

Archive

j9TJzzN

350x200

Realtime Charts

 

Gold in USD:

[Most Recent Quotes from www.kitco.com]

 


 

Gold in EUR:

[Most Recent Quotes from www.kitco.com]

 


 

Silver in USD:

[Most Recent Quotes from www.kitco.com]

 


 

Platinum in USD:

[Most Recent Quotes from www.kitco.com]

 


 

USD - Index:

[Most Recent USD from www.kitco.com]

 

THE GOLD CARTEL: Government Intervention on Gold, the Mega Bubble in Paper and What This Means for Your Future

 
Buy Silver Now!
 
Buy Gold Now!
 

Oilprice.com