Following the Hundred Years' War, monarchs of <MASK> and France defaulted on very large debts to Venetian bankers causing a collapse of the system of Lombard banking in 1345.  This economic set-back hit every part of economic life - including clothing, food and hygiene - and during the ensuing Black Death the European economy and bond market were depleted even further.  Venice banned its bankers from trading government debt but the idea of debt as a tradable instrument and thus the bond market endued.
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Sumer Babylon England Iraq