Why The Spanish Empire Went Bankrupt Mining Too Much Silver

When the Spanish colonized the Americas, they found mountains of gold and silver in Mexico and Bolivia.
The Spanish dreamed this would make them the richest empire on earth.
Here’s why it bankrupted them instead.
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Host: / nickfreitasva

[@enderreaper1482]

Spain, suffering from success

[@parisfrance6483]

😭 love Spain 🔥🥳 🇪🇦

[@michaelfoye1135]

Inflation is not success.

[@ishrendon6435]

​spain sucks

[@Blaqjaqshellaq]

The gold and silver windfall ultimately benefited Spain's enemy Holland a lot more! (The Dutch were better at financing long-term economic development...) Similarly, 18th-century Brazilian gold ultimately helped launch Great Britain's industrial revolution...

[@elemartin9248]

In which century? because Spain in fact conquered and governed Holland from 1556-1714

[@Blaqjaqshellaq]

@@elemartin9248 It was the future Belgium that stayed under Spanish control...

[@goyimkiller69]

The spanish also mined so many platinum(wortgless at that time) that they throw them at the ocean for being worthless.

[@widodoakrom3938]

Seriously

[@julianwitkowicz5339]

Great video overall but at 0:19 the map is incorrect. Spain lost its last American possession (except Cuba and Puerto Rico) of Peru in 1824, while it obtained first colonies in Africa in the Gulf of Guinea in 1843, Spanish West Indies and Spanish Guinea + West Africa did not exist at the same time

[@Logan0o]

All they had to do was limit mining or do what they do in today diamond market and only release x amount metals every x amount years into the market

[@Dennis-yc3eb]

These short videos are great. The script and graphics are done well, are packed with fascinating info but they move along.

[@jonathanwells223]

So instead of minting coins they should have traded it to other countries as bullion.

[@seanhoude]

Well said.

[@jackleg2007]

I always wondered about this.

[@KrlKngMrtssn]

Fun fact, today, the USA has more Spanish speakers than Spain herself. So sorry to say, Spanish has been spoken in US territory well before the USA came to be, and therefore Spanish legacy can be seen in North America, too. Not only central and South America. (Btw Mexico is evidently part of NA)

[@ctreid87]

Beard Wednesday!

[@agussw8908]

So, don't convert your money to silver? But convert to food or goods?

[@KevinLopez-pu7ll]

If not for Spain, Europa would have nothing to trade with india.

[@madzen112]

I'd read a good book on this subject

[@TheRealTomahawk]

Even Solomon had so much silver. It was counted as nothing however, his country didn’t collapse. I guess they didn’t have enough gold.

[@markyuto6820]

RIP Modern Spain.

[@williamthebonquerer9181]

Video starts at 1:58

[@explodingwolfgaming8024]

Commenting 4 algorithm

[@ChicagoDB]

A major flaw in this video...he either doesn't know or didn't care to mention that the crisis which occurred was caused by the Pitosi debasing scandal...

[@ChicagoDB]

Potosi

[@michaelman957]

Inflation sure is a bear

[@lukewarm6369]

So if Spain slowed its mining operations or simply found alternative uses of its silver Spain would have been more wealthier..... Interessante

[@clairevero]

Loudmouth

[@yutsangbiz]

原來通膨真的會毀了一個文明

[@zack_120]

It's the conservation law of nature that took the colonizer down.

[@nelsonr1467]

More like civilizer

[@ishrendon6435]

​@@nelsonr1467 they werent

[@ishrendon6435]

​ sounds like backwards thinking they didnt civilize anyone but steal and rape lands

[@ishrendon6435]

​ look at spain now😂 loser spain gets beat by blacks and brown men

[@parisfrance6483]

🇪🇦🇪🇦🇪🇦🇪🇦

[@IblewuponyourfaceIII]

Mexico & the Caribbeans is in North America… why do people just mention Central America… a region in North America? Lol

[@Copilot1204]

Central North America I guess😂.

[@Mr.Infumus]

Nick just wants to hog all the silver for himself. Dont listen

[@jojogo22]

Too fast. Can you explain in layman's terms. You say inflation started to rise....why, in a stable economy did inflation rise. Einstein.... If you can't explain it so a ten-year-old can understand it, there's a chance you don't understand it yourself.

[@skipondowntheroad5833]

Inflation (the increase in the number of silver coins) in the country resulted in more money chasing a limited number of goods or services. So anyone holding silver coins would have his/her purchasing power decrease as a result. As always the rich and well connected, those people who had access to huge amounts of coins, were less negatively affected by the increase in prices of goods and services.

[@williamthebonquerer9181]

But people act like the gold standard would fix all our problems

[@Logan0o]

All they had to do was limit mining or do what they do in today diamond market and only release x amount metals every x amount years into the market

[@williamthebonquerer9181]

@@Logan0o are you on about the Spanish or the Americas dropping the golf standard?

[@user-jo2cv1dy1b]

@@Logan0o They didn't have that knowledge back then. It's more, our current knowledge of hyper inflation and it's effects on the economy can be traced thanks to them

[@mrbloodmuffins]

​@SASLA how is that fundamentally different than slowly increasing the quantity of any bank note currency?

[@widodoakrom3938]

Yes ofc