Hi there, my name is decisive_redccurrant and this is my post hope you enjoy it!!!
Now as some people know coronavirus has had a big impact on shop and lots of other places. But most of all banks.
Banks are places were people go to collect there money or were thay go to store there money and the bank will take care of it for them. But what happend if the banks all went bankrupted.
Well here are some examples of when some banks went bankrupted or when they lost a lot of money!
In 1656, after several attempts, Johan Palmstruch was given permission by the Crown of Sweden to start a bank,named "Stockholm Banco." In 1661 it became the first in Europe to give out banknotes (money). As lending rapidly in just a few years, the value of the banknotes began to fall. In 1664 the bank closed operations, unable to give back the customers money. Palmstruch was imprisoned, the Crown took over the bank, and formed what is still today Rikets Ständers Bank, the national bank of Sweden, operated by the parliament. Wow that must of been hard. Now this was very sad for Johan Palstruch that he had to close down his bank simply, because he couldn't pay the costomers they money they wanted. As it looks it didn't go good for Johan Palmstruch.
In 1866, Overend, Gurney and Company suffered a bank run (a bank going bankrupted). It incorporated as a limited liability company in 1865, but with poor railway stock prices, it suffered losses which is very bad. Assistance from the Bank of England was refused, and payments were suspended on 10 May 1866. A panic ensued. The town's people were disappointed and devestated that they couldn't get their money from the banks.
Wow this is a very hard time for the people and the svitizens and the bank.
So these are some key example of when the worlds banks turned bank run or bankcrupted. So if the world banks turn bankrupted the world the world pretty much would be a different place and no one would be albe to get there money from anywhere!!
Hope you enjoy my post