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[LaurieAG]

There is a historical precedence for our current global financial problems, Tacitus in his 'Annals' provides details about ancient roman Emperor Tiberius.

Money lending is an ancient problem in Rome, and a frequent cause of disharmony and disorder. Even in an earlier, less corrupt society steps had been taken against it. At first, interest had been determined arbitrarily by the rich, but then the twelve tablets had fixed the maximum at 10 percent. Next, a tribunes law had halved the rate. Finally loans on compound interest were forbidden completely. Fraudulence, attacked by repeated legislation, was ingeniously revived after each successive counter-measure
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Eighteen months were allowed in which all private finances had to be brought in line with the law. The result was a shortage of money. For all debts were called in simultaneously, and the numerous convictions and sales of confiscated property had concentrated currency in the treasury and its imperially controlled branches. To meet this situation the senate had instructed that creditors should invest two-thirds of their capital in Italy, and debtors immediately pay the same proportion of their debts. However, creditors demanded payment in full, and debtors were morally bound to respond. The first results were importunate appeals to money-lenders. Next, the praetors court responded with activity. The decree requiring land purchases and sales, envisaged as relief, had the opposite effect since when the capitalists received payment they hoarded it, to buy land at their convenience. These extensive transactions reduced prices. But large scale debtors found it difficult to sell; so many of them were ejected from their properties, and lost not only their estates but their rank and reputation. Then Tiberius came to the rescue. He distributed 100 million sesterces among specially established banks, for interest free three-year state loans, against security of double the value of landed property. Credit was thus restored; and gradually private lenders, too, reappeared.

Then came along Emperors Caligula, Claudius and finally Nero.