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The British credit crisis of 1772–1773, also known as the crisis of 1772, or the panic of 1772, was a peacetime financial crisis which originated in London and then spread to Scotland and the Dutch Republic. [1] It has been described as the first modern banking crisis faced by the Bank of England. [2]
Crisis of 1763, started in Amsterdam, begun by the collapse of Johann Ernst Gotzkowsky and Leendert Pieter de Neufville's bank, spread to Germany and Scandinavia; British credit crisis of 1772-1773 in London and Amsterdam, begun by the collapse of the bankers Neal, James, Fordyce and Down.
10 June – credit crisis of 1772 is triggered when, following the flight of their partner Alexander Fordyce to France, the London banking house of Neal, James, Fordyce and Down (which has been speculating in East India Company stock) suspends payment.
Alexander Fordyce (7 August 1729 [2] – 8 September 1789) was a Scottish banker, centrally involved in the bank run on Neale, James, Fordyce and Down which led to the credit crisis of 1772. He fled abroad and was declared bankrupt, but in time he used the profits from other investments to cover the losses.
2007–2008 financial crisis, rising global commodity prices, subprime mortgage crisis infiltrating the British banking sector, significant credit crunch. The recession lasted for five quarters and was the deepest UK recession since the Second World War. [14] Manufacturing output declined 7% by end 2008.
Latin American debt crisis Panama: 1988–89 [2] United States: 1790: Crisis began in 1782. Ended by the Compromise of 1790 and the Funding Act of 1790. [20] [21] [better source needed] 1814, US defaulted on its debt 1875, US devalued the USD (Specie Act) 1933: Suspension of federal payments in gold amid a bank crisis and international run on ...
Several historical events, including the attack on Company holdings by Hyder Ali in 1769, the Bengal famine of 1770, and growing revelations of the company's actions, were the immediate causes of the crash, but the primary cause was the predatory governance of the province by the company, which led to the collapse of the 18th century Bengal ...
The Panic of 1796–1797 was a series of downturns in credit markets in both Great Britain and the newly established United States in 1796 that led to broader commercial downturns. In the United States, problems first emerged when a land speculation bubble burst in 1796.