1347 : Ils ont tué 50 millions de personnes… pour l'argent

The Great Reset: How the Black Death Transformed Wealth

The Context of Wealth in 1347

• In 1347, a single banking family possessed more wealth than the combined kingdoms of France, England, and the Holy Roman Empire.

• During the Black Death, while millions suffered and died, this family did not lose any money; instead, they profited.

The Economic Impact of the Black Death

• The narrative presented is not about an epidemic or natural disaster but rather about a significant transfer of wealth that reshaped global economic power for centuries.

• The speaker suggests that the Black Death facilitated a new economic system rather than destroying feudalism. Following the money trail reveals connections to modern financial crises like those in 2008 and 2020.

Arrival of the Plague in Europe

• In October 1347, Genoese galleys arrived at Messina with sailors afflicted by plague symptoms; authorities ordered them to leave due to fear of contagion.

• These ships carried not only goods but also financial documents worth approximately €2.3 billion today from powerful Florentine banks. This raises questions about why bankers risked such valuable cargo on infected ships.

Strategic Movement Before the Plague

• Contrary to popular belief that the plague struck randomly, it followed trade routes controlled by Italian bankers, impacting cities linked to their networks like Marseille and London.

• Notably, one year before the plague's arrival in Europe (in 1346), these banks began withdrawing massive amounts of capital from England and France—an action documented through historical records showing transfers into private coffers in Tuscany.

Understanding Financial Systems of the Time

• To grasp these events fully, one must understand 14th-century finance which closely resembles modern systems; Florentine banks practiced fractional reserve banking—loaning out more money than they held in deposits.

• They had lent substantial sums to King Edward I for war efforts against France; these loans were backed by future revenues from English wool and land—a precarious arrangement that collapsed when peasants died during the plague leading to defaults on debts.

Consequences for Banking Families

• Despite facing bankruptcy officially due to defaults on loans by Edward I after his income sources dried up because of widespread death among peasants, leaders of these banking families retained their personal fortunes intact post-crisis—a detail often omitted from historical accounts.

The Evolution of Financial Systems and Power Dynamics

The Emergence of Shell Companies

• The concept of shell companies is introduced, highlighting their historical use to protect wealth during financial crises.

• The arrival of the plague in 1347 led to the rise of new banking families in Florence, particularly the Medici bank, which capitalized on the chaos.

Transformation Post-Plague

• The Medici bank acquired assets from collapsed banks for a fraction of their value, illustrating how crises can create opportunities for wealth accumulation.

• A comparison is drawn between historical events and modern financial crises, suggesting that similar patterns repeat over time.

Economic Impact on France and England

• In France, King Philip faced severe debt due to the Hundred Years' War; Italian bankers stepped in to lend money at a high cost.

• Lombard bankers gained tax collection rights from surviving peasants, effectively becoming fiscal lords.

Social Changes and Labor Dynamics

• In England, legislation attempted to freeze wages despite labor shortages caused by the plague. Wealthy landowners influenced this decision due to their debts.

• Jewish communities were scapegoated during this period; many were massacred as part of broader societal chaos.

Capitalism of Disaster

• The term "disaster capitalism" describes how those with capital benefit from societal upheaval. This systemic exploitation was evident even before it had a name.

Feudalism's Shift: From Landlords to Creditors

• Before the plague, serfs had no rights or property; post-plague survivors gained negotiating power but fell into debt instead.

• This shift transformed servitude into indebtedness—creditors replaced lords as controllers of labor.

Historical Patterns Repeating

• The transition from feudalism 1.0 (land-based control) to feudalism 2.0 (debt-based control), where economic systems adapt but continue exploiting workers.

Papal Protection and Financial Contracts

• Pope Clement VI's bull aimed at protecting Jews also safeguarded their financial contracts amidst rising anti-Semitic violence during plagues.

• Jewish financiers played a crucial role in medieval economies by providing loans when Christian lenders could not due to religious prohibitions against usury.

The Financial Reset: Lessons from the Past

The Role of the Vatican and Banking in Historical Context

• The Vatican's protection was not for the people but for a flow of income, indicating a financial motive behind its actions.

• The emergence of banking practices like letters of exchange allowed Christian bankers to bypass usury laws, leading to a gradual abandonment by the Vatican.

• The Black Death in 1347 redistributed societal roles, transforming serfs into debtors and lords into shareholders, with bankers becoming the new power brokers.

• This period marked the birth of modern financial capitalism, as wealth accumulation occurred amidst widespread death and suffering.

• Historians label this era as the Renaissance, overlooking that it was financed by wealth generated during one of history's greatest health crises.

Economic Chaos and Wealth Redistribution

• The 2008 subprime mortgage crisis mirrored past events where economic chaos led to significant wealth transfers; millions lost homes while banks received substantial bailouts.

• During COVID-19 lockdowns in 2020, small businesses suffered greatly while billionaires saw their fortunes increase dramatically—$3.9 trillion gained collectively within 18 months.

• Klaus Schwab’s book "COVID-19: The Great Reset" suggests that similar mechanisms are at play today as they were in 1347—capital fills voids created by chaos.

Historical Patterns and Modern Implications

• The Black Death represented not an end but a transition towards a new world order dominated by financial powers rather than traditional authorities like kings or churches.

• Current financial systems reflect legacies from historical events; every interest payment or government debt reinforces this ongoing cycle rooted in past crises.

• Recognizing these patterns prompts critical questions about whether financial crises are truly accidental or strategically utilized by powerful entities for restructuring.

Engaging with History

• Viewers are encouraged to reflect on whether they believe financial crises serve as tools for those in power to reshape society favorably towards themselves.