The 12th-century military disaster that forever changed global finance
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The birth of the bond market started with a ruthless multinational raid that sent shock waves through the Mediterranean. On the morning of March 12, 1171, the Byzantine emperor’s soldiers suddenly rounded up every Venetian man, woman, and child they could find throughout their lands, seized their shops, wares, and ships, and threw the owners in jail. Over 10,000 people in Constantinople alone were rounded up, and more than 20,000 overall — so many that monasteries were requisitioned to handle th
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