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| Treasury Gate, Dolmabahce Palace, Istanbul |
The palace, located on the European coast of the Bosporus strait, served as the main administrative center of the Ottoman Empire from 1856 to 1887 and from 1909 to 1922.
The construction cost 35 tonnes of gold . . . This sum corresponded to approximately a quarter of the yearly tax revenue. Actually, the construction was financed through debasement, by massive issue of paper money, as well as by foreign loans. The huge expenses placed an enormous burden on the state purse and contributed to the deteriorating financial situation of the Ottoman Empire, which eventually defaulted on its public debt in October 1875, with the subsequent establishment in 1881 of financial control over the "sick man of Europe" by the European powers. - extract from Wikipedia
"massive issue of paper money'. Where have we heard that before? Oh, right the 2 or 3 trillion dollar stimulus package Congress approved. I really wonder how long it will take us before we start looking like Venezuela. I would like to think that we'll stop before we elected a ruthless dictator, but maybe not. I suppose it depends on how many voters are impoverished.
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