Russian gold and the geopolitical chess game

The new Cold War between the United States and Russia has been spurred on by the conflict in Ukraine. Economic sanctions imposed by the Western bloc controlled by the American giant are punishing the Russian economy, but also that of the European Union. Russia has taken measures to counter the American threat, and gold plays a key role that could trigger a paradigm shift in the international economic order.

The use of economic sanctions by the US and its client states as an instrument of coercion is not new. In recent decades, it has been a doctrine that has been applied extensively by the US administration. Democrats and Republicans alike have used it against any country that opposes US economic or political interests.

Throughout history, the application of sanctions has been shown to be ineffective in forcing a change of behaviour. Still, it can be a useful tool when the aim is to punish a country economically, especially the working class, or to weaken its defensive capacity in preparation for a coup or military intervention. However, the application of these punitive measures also has a downside.

While countries with little military capacity or global economic clout have no choice but to resort to the black market or trade agreements with states not aligned with the West in order to circumvent economic sanctions, big global players such as China or Russia are creating an alternative or multilateral economic system to shield their economies, as well as their technological and military capabilities.

Alternatives to Western interdependence

As in so many international conflicts, the rhetoric applied by Western media and politicians when they constantly repeat that the “international community” has decided certain things or condemns the actions of certain countries, we cannot forget that this so-called “international community” only includes the United States, Canada, the United Kingdom, the European Union, and perhaps Australia, Japan, and some Micronesian islands, but leaves out a large part of the international community that either opposes this rhetoric or prefers to remain neutral.

Therefore, we have to keep this multilateral world in mind when understanding that, while the mislabelled “international community” includes a very significant part of the most influential global actors, there are other important economic actors such as the Asian bloc, led by China, which are quite relevant and are increasing their global influence year after year.

That said, it is true that the power of influence that the West boasts thanks to its dominance of the interconnection tools of the global financial system goes beyond its myopic definition of the international community. The hegemony of the dollar as the world’s reserve currency, the Swift protocol for communications between banks, banking transactions via Visa or Mastercard, together with control of the International Monetary Fund and the World Bank, give the West, especially the United States, an unparalleled capacity for persuasion.

In this sense, both Russia and China have already created alternative systems that have come into operation in recent years and that to a greater or lesser extent are lessening the negative effects of the sanctions imposed by the West in recent decades, and more recently due to the conflict in Ukraine. Domestic digital money or merchant-to-merchant payment systems, such as UnionPay and Mir, are growing in popularity beyond the borders of these two countries.

The new gold rush brings us closer to the gold standard

It is no secret that countries outside the Western sphere have been buying large amounts of gold for years, but it is perhaps less well known that central banks of other states are doing the same. The safe-haven asset value of the precious metal in times of crisis is more than established, but the increased interest in buying gold transcends concerns about sovereign debt bubbles or runaway inflation.

As seen last month from Russia, it can also serve to stabilise a monetary system whereby the value of currencies is underpinned by their convertibility to gold. This is known as the “gold standard”. Thus, the Russian government announced the temporary convertibility of the rouble to gold at a fixed value, which stabilised the value of the rouble, recovering from the fall against the dollar.

Still, it remains to be seen what final strategy will be pursued and the consequences for the international monetary system. The Russian government’s announcement that countries that apply US sanctions would have to buy oil and natural gas in roubles or gold could cause much of the global energy trade to shift away from the dollar, breaking the status quo.

Although, as Russian Finance Minister Anton Siluanov reported, Western sanctions have frozen half of the country’s foreign exchange and gold reserves, about $300 billion, Russia remains the world’s second-largest gold producer after China, with reserves worth $140 billion. The intrinsic difficulty in tracking purchases or sales made with precious metals calls into question the effectiveness of sanctions.

The viability of Russia keeping the rouble pegged to gold is closely related to Russian energy demand. Interdependence with EU countries will wane, even though countries such as Hungary and Germany have already announced that they will continue to buy gas from Russia paying in roubles, or euros converted into roubles, through Gazprom’s bank account.

Still, given the multipolarity of global power and the response of the (real) international community, Moscow’s ability to make a winning move in this international geopolitical chess game cannot be underestimated.

If you want to discover the best option to protect your savings, enter Preciosos 11Onze. We will help you buy at the best price the safe-haven asset par excellence: physical gold.

The world is constantly evolving, but information does not always move at the same pace. Wikipedia takes this need and makes it its strength: everything you need to know is just a click away. We talked to Pau Colominas, Wikipedian and one of the people in charge of social networks in the Catalan-language version of this encyclopaedia.

In a world where everything advances at an accelerated pace, keeping information up to date is practically a luxury exclusive to social networks. With a filter of objectivity (to a greater or lesser extent) and under deontological codes, the media joins in to explain the daily events that happen everywhere. But where is all this information collected? Be it facts, people, concepts, or dates, the scope of information from the internet is so complex that it becomes diffuse and even unreliable.

In a new episode of People, we talk to Pau Colominas about Wikipedia, a free encyclopaedia where many volunteers collect and disseminate all kinds of content in our language. Everything we would find in a printed encyclopaedia is there. With an important nuance: the information can be updated at any time. A milestone that can only be achieved thanks to digitalisation and the efforts of hundreds of Wikipedians who dedicate their time to disseminating knowledge in Catalan to the Catalan and international community.

Searches in Catalan and quality

Pau Colominas highlights a crucial fact: “Catalan was the second language to upload content to the platform, after English“. Since then, the creation of content in our language has been on the rise, reaching the 700,000 articles that we can currently find. The impact of our language on the platform is significant, and Colominas highlights, in particular, the quality of this content, which, he says, “is often superior to that of other languages”.

The focus of the problem, however, remains when it comes to doing searches, and he points out that “even native Catalans tend to search the internet in Spanish“. Among the reasons, Colominas identifies the configuration of computers and search engines, and the imaginary of times gone by when the presence of Catalan on the internet was low and with lower quality content.

The involvement of an entire community to disseminate knowledge

A large team of volunteers makes it possible for Wikipedia’s mission to come to fruition. Colominas explains that you don’t need to be a scholar in any of the subjects, but you do need to be willing to dedicate time. He stresses that the dissemination of knowledge does not start from the content, but from the sources: “The guarantee of Wikipedia is the guarantee of the sources you use“.

All the information that Wikipedia collects is characterised by the fact that it has been published before, and this alone reduces the scope for inventiveness. In addition, a team of Wikipedians like Pau filter and identify any content that may be offensive to individuals or groups, or that may represent a conflict of interest.

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Most of the time we learn about economics on our own. Not enough financial concepts are taught at school. That is why, if you want your son or daughter to have knowledge in this field, we recommend five books to help them understand the value of money and saving.

11Onze is the fintech community of Catalonia. Open an account by downloading the super app El Canut on Android and Apple and join the revolution!

Sant Jordi celebrates books and roses. Culture and emotion. But what if this year we add a third layer? Understanding how the world around us works. In a context of permanent crisis —inflation, geopolitical uncertainty, fiscal pressure— reading is no longer just a pleasure: it is a tool of defense. And this is where La Plaça by 11Onze makes sense.

Sant Jordi has always been a celebration of culture. But today, economic literacy is more necessary than ever. It is not just about knowing what is happening, but understanding why it is happening. We live in a complex reality, where concepts such as inflation, interest rates, or public debt shape our daily lives, yet remain largely unknown to most people.

This is not by chance. As shown in the article on children’s financial education, the education system devotes fewer hours to these topics than other countries, despite having longer school days. The result? Adults making financial decisions without tools. Reading, therefore, becomes a form of self-defense.

La Plaça: much more than content

La Plaça is not just a space where articles are published. It is a knowledge ecosystem designed to empower the community. Here you will not only find headlines. You will find context. When discussing the cost of living, it does not stay on the surface: it explains that the minimum salary required to live with dignity in the Barcelona metropolitan area significantly exceeds the official minimum wage. This difference is not anecdotal: it is key to understanding why saving is becoming increasingly difficult.

When discussing taxes, it does not simply say they are rising. It analyzes how inflation acts as a hidden tax that increases fiscal pressure without changing tax rates.

And when discussing money, it questions the system. Articles about CBDCs bring an uncomfortable debate to the table: to what extent are we willing to give up control in exchange for convenience? This space does not tell you what to think. It gives you the tools to think.

There is a core idea running through much of the content: the current economic system is not neutral. The series of articles analyzing the extractive system shows how major powers have built a model that concentrates power through currency, technology, and finance. Or the concept of crony capitalism, which highlights how relationships between politics and large corporations can distort the market and harm the majority. This critical perspective is key, because understanding the system is not just an intellectual exercise: it is a matter of financial survival.

Deciding with criteria

One of today’s major challenges is knowing where to put your money. In a world of constant uncertainty, making financial decisions without criteria can be very costly. This is where this ecosystem makes the difference: it does not just provide quick answers, but opens up options and helps you understand them. Gold, for example, is presented as a safe-haven asset with thousands of years of history, capable of preserving value in times of crisis and instability.

At the same time, cryptocurrencies are analyzed as a disruptive phenomenon transforming the financial system, while also highlighting their volatility and associated risks. Because this is not about following trends or searching for magic formulas. It is about understanding what lies behind each decision. About understanding the rules of the game so you stop playing at a disadvantage. That is what La Plaça offers: criteria, context, and tools so you stop reacting and start deciding.

Sant Jordi: culture that protects

Giving a book for Sant Jordi is giving a story. But it can also mean giving awareness. In a world where headlines simplify and social media accelerates everything, stopping to read is almost a revolutionary act. And if what you read also helps you understand how money, the system, and power work, even more so. La Plaça turns reading into a practical tool: it does not just inform, it transforms.

Perhaps the key question is this: what is the point of earning money if we do not understand the system in which we use it? Without financial education, any crisis can catch us off guard. With knowledge, however, we can anticipate, protect, and decide. This Sant Jordi, among roses and books, there is a clear opportunity: to start looking at the economy with different eyes.

If you want to go beyond headlines, if you want to understand what is happening to your money and be part of a community committed to knowledge and transparency, La Plaça is where this shift in perspective begins. Step into La Plaça by 11Onze and start reading the world with clarity.

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The Booksellers’ Guild predicts a record-breaking day for this Diada because there are more book stands than ever before. But among this sea of new books, which ones talk about the economy or address the current economic situation?

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In an increasingly connected—and fast-paced—world, finding moments to stop and look outside (or inside) has become a luxury. And in this context, books remain one of the best ways to travel. No need to pack your bags or buy plane tickets: reading takes us far away, transforms us and changes us.

We propose a literary journey through travel —both historical and internal— via Catalan literature. A selection of works that take us around the world without leaving home: 

• Journey to Russia, Josep Pla.
  Published in 1925, this book recounts Pla’s journey to post-revolutionary Russia. He arrived a year after Lenin’s death and met figures such as Andreu Nin. His sharp, ironic and lucid gaze transforms the journalistic account into a literary document of the highest order.
•  The Last Muleteer, Josep Maria Espinàs.
  A journey on foot through the Aran Valley and Pallars in 1956. Espinàs, with his friendly and observant tone, takes us into a rural world that today seems almost mythical. The landscape, the people, and the details make this work an emotional and cultural journey through the Pyrenees of yesteryear.
• The Great Book of Catalan Explorers, Joan de Déu Prats.
  With illustrations by Maria Padilla, this book recovers fascinating stories of Catalans who travelled the world: from the court of the Great Khan to Africa and India. A carefully documented and visually delightful work, published in 2021.
• Sensual and fanatical Morocco, Aurora Bertrana.
  Published in 1936, it recounts the author’s journey to Morocco. A courageous book by a woman ahead of her time, it analyses the relationships between men and women in a different culture. A critical and passionate view, full of humanity and respect.
• Stories of Japan, Xavier Moret.
  A direct immersion in Japanese culture through the author’s travels in Tokyo, Kyoto, Osaka, and the islands of Honshu, Kyushu, and Shikoku. Moret guides us with good humour and curiosity through this country of contrasts. An ideal read for broadening horizons.
• The Fire bird, Emili Teixidor
• Seemingly juvenile, but with layers that can be enjoyed by any reader. Set in the 13th century, it follows in the footsteps of a young troubadour who enters the world of the Cathars, monasteries, and minstrels. A great literary adventure set in medieval Catalonia.
• Border Days, Vicenç Pagès Jordà.
  A different take on the concept of travel: the border. This novel is set between Figueres, La Jonquera and Perpignan, where geography merges with the emotional tensions of a couple. A delicate and profound book that speaks to us of physical spaces and personal boundaries.
• All My Mothers, Victoria Szpunberg.
  A story of migration, identity, and roots. From Barcelona to Argentina and back, through exile and the reconstruction of family memory. A journey that is not made with the feet, but with the heart and memory. One of the most powerful contemporary female voices on the Catalan scene.

Books are true travelling companions. They help us grow, imagine and understand the world from unexpected angles. That is why, today more than ever, it is worth revisiting that quote from Joana Raspall: ‘With books as friends, you will never lack company. Each page can be a star that guides you.’ Have a good literary journey!

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When a route breaks, the world trembles. This is not a metaphor: it is the reality of a global economy that still depends on millennia-old pathways. Global trade is not only a matter of supply and demand, but above all a matter of geography. From the caravans of the Silk Road to the large ships crossing the oceans, trade routes have been the true arteries through which the world’s wealth has flowed.

But these arteries are not infallible. When they are blocked or become unsafe, the system tightens and conflicts emerge. History demonstrates this time and again: behind many wars that appear ideological or religious lies, in reality, the need to control the flow of goods, resources, and wealth. When trade is threatened, power reacts.

The Crusades are a paradigmatic example. As historian Steven Runciman explains in his landmark work A “History of the Crusades”, these conflicts cannot be understood solely from a religious perspective, but also as a struggle for control over trade routes between East and West. And today, far from disappearing, this logic has become more sophisticated: wars are no longer fought with swords, but with tariffs, sanctions, and logistical control. The forms evolve. The battle remains the same.

The global economy has always been shaped by geography. It is no coincidence that great empires have emerged at strategic points: trade crossroads, natural ports, or mandatory transit zones. These locations not only facilitated trade but also allowed its control, becoming true centers of economic and political power.

The logic is simple: whoever controls trade flows controls wealth. Trade routes function like a circulatory system that keeps the global economic body alive. When the flow is steady, there is growth and stability; but when it breaks, tensions, shortages, and inflation arise, directly affecting both markets and daily life.

When the Silk Road breaks… the Crusades arrive

The Silk Road was the first great global system: a network connecting Asia and Europe through which goods, technology, and knowledge flowed. But this system had a structural weakness: its dependence on political stability. When balances broke in the Middle East and routes became unsafe, Europe was cut off from Eastern goods. It is in this context that the Crusades emerged, wrapped in religious discourse but with a clear economic objective: to regain control over trade flows.

Faced with this terrestrial instability, Europe chose a strategic solution: to seek alternative routes. Thus were born the great maritime explorations, turning the sea into the new Silk Road. Maritime transport offered greater capacity, lower costs, and less dependence on hostile territories, driving the rise of maritime empires. From that moment on, trade ceased to be merely exchange and became a tool of power: modern geopolitics was born.

Maritime routes: the new arteries of the world

Today, more than 80% of global trade travels by sea. Maritime routes have become the main arteries of the global economy, true invisible highways connecting continents and markets. Through these corridors flow raw materials, energy, and manufactured goods that sustain the daily functioning of the global economic system.

Some points are especially critical—true bottlenecks of global trade: the Strait of Malacca, the Suez Canal, the Strait of Hormuz, and the Panama Canal. These strategic passages concentrate a large share of global maritime traffic and, when functioning normally, allow the system to be extraordinarily efficient. But this same concentration also makes them points of vulnerability.

When one of these routes fails, the impact is immediate and global. The blockage of the Suez Canal in 2021 demonstrated this within days: supply chain delays, rising logistical costs, product shortages, and inflationary pressure. It is the clearest proof that, despite its efficiency, the system is also extremely fragile.

This fragility is not just recent history. It is present. Right now, attention is focused on the Strait of Hormuz, through which nearly 20% of the world’s oil passes. Any geopolitical tension in the area—such as threats of blockade or recurring military incidents—has an immediate impact on energy prices and, consequently, on the entire global economy. It is not just a logistical issue: it is a lever of geopolitical power capable of destabilizing entire markets within hours.

Trump’s new trade war

The so-called “Trump wars” are not an anomaly: they are the modern version of a millennia-old logic now fought with tariffs, restrictions, and pressure on supply chains. As in past eras, control over routes and trade remains a direct tool of power between states, as is also the case in modern extractive systems.

The problem is that this model operates in a context of maximum global dependency. We have built an economy based on outsourced production, global logistics, and the “just-in-time” system. It is an extraordinarily efficient model, but also deeply vulnerable: when a route breaks, the entire chain stops. There are no products, no production, and prices rise immediately.

The first impact of this disruption is always inflation. The mechanism is direct: logistical problems generate higher costs, these reduce supply, and ultimately prices increase. This is how geography—seemingly distant—ends up directly affecting everyday life. We have optimized the system for efficiency, but not for resilience, leaving us with extreme dependency and systemic fragility in which any crisis spreads like a chain reaction.

Are we returning to the logic of the Crusades?

In recent years, states have once again acted with a logic that strikingly resembles that of centuries ago. Protecting trade routes, reducing external dependencies, and securing control over strategic resources have become central priorities of economic and geopolitical policies. This is not a new phenomenon, but a return to historical patterns from the 11th century and beyond, now deployed with modern tools such as financial sanctions, technological control, and supply chain reconfiguration.

The underlying lesson is clear and persistent over time. From the Silk Road to today’s global maritime routes, history shows that whoever controls the routes controls the world. It is not ideology. It is geography. It is economy. It is power.

In a way, understanding trade routes means understanding the real functioning of the economic system, which explains why prices rise, why crises occur, and why conflicts erupt. In an increasingly tense and uncertain world, this perspective is not just general knowledge. It is a tool of defense. A way to protect your assets and make informed decisions.

Protecting savings with physical gold has been one of the main contributions of 11Onze to its community and, now, the range of products is expanding. Therefore, in the face of volatility, still high inflation and the growing crisis of confidence in the banking system, gold is once again strengthening as a safe-haven asset. Discover Seed Gold at Preciosos 11Onze.

How does livestock management affect the environment? Two livestock associations in Segrià (Lleida) have turned the problem of slurry into a solution. They have created a pioneering composting plant in the country. We talk about it in a new episode of People, with Miquel Serra, one of the promoters of the project.

With no more than 10,000 inhabitants, Alcarràs is the municipality in Europe with the highest density of farms per square kilometre. In total, it has 45,000 steers, 35,000 pig mothers, and some 250,000 fattening cattle. That is why, for the neighbours, the management of the nitrogen produced by the slurry was of the utmost importance to comply with European environmental standards. This is how the composting plant project was born, promoted by the two large livestock organisations in the municipality, to convert the slurry into fertiliser.

And they did it collectively, as Serra recalls. The project cost them 1.5 million euros. “Cattle manure is better managed. And on pig farms, where we have solid and liquid manure separators, we were interested in being able to manage solid manure. The composting plant had to allow us to manage both manures separately, because cattle manure is classified as organic production, and pig manure is not, although it can be used for conventional agriculture,” explains Serra, who is a member of the driving force behind Alcarràs Bioproductors.

An exceptional case

And why aren’t there more composting plants like the one in Alcarràs all over the country? “Until now, all composting plants have been set up by people who wanted to do business. And one way was to manage other by-products that are difficult to treat and for which the businesses paid the composting plants. This is what made them viable”, explains Serra.

On the other hand, in Alcarràs they wanted a manure and slurry composting, without looking for profitability first, but rather the environmental benefit and the continuity of their farms, and this makes it a unique case in Spain. “We have to think that our business is to produce meat”, argues the promoter, who explains that, nevertheless, there are already three multinationals that have shown interest in buying the compost they will produce. “In the end, we are convinced that we will manage to make it viable”, he acknowledges.

As for financing, they have not yet considered European funds, because the initiative was born before, but Serra explains that they feel very supported by the Department of Agriculture and the Diputació de Lleida. “Through the BioHub Km 0 project, designed to reactivate the economy of the area, we have been able to manage a small grant that allows us to be more ambitious,” explains Serra. In fact, the composting plant is just the first step towards a larger circular and sustainable economy project. The idea is to generate an alternative that allows us to conserve and value the talent of the territory. Turning slurry into compost may be the ultimate sustainable solution, but more uses are still being investigated. For example, cellulose can be extracted from manure and used to make fabrics. Perhaps the future of sustainable fashion will be to wear clothes made out of manure.

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D’ençà que l’ésser humà va deixar el nomadisme per constituir-se en societats sedentàries, l’aparició de l’estratificació social, basada en l’acumulació de riquesa, va esdevenir un fet. Des de llavors s’han alternat períodes de bonança i de crisis. En aquesta primera part, repassem la història de les grans crisis dels segles XVII, XVIII i XIX.

En el naixement del capitalisme incipient, les crisis van sorgir sobretot per l’expansió dels mercats, els grans monopolis comercials, el consum de productes de moda i les males collites provocades per canvis mediambientals. Des de la crisi de les tulipes, fins a les companyies del mar del sud, passant per les guerres napoleòniques, els problemes del deute, de la depreciació, de la inflació i la consegüent caiguda de règims polítics emergien com ho fan avui dia. Com s’ho van fer aleshores? Com aquestes crisis van fer caure l’antic règim? Les respostes que van trobar ens poden ajudar a comprendre el nostre aquí i ara.

1637: Per què les tulipes costen tant? 

Amb la Unió d’Utrecht, les 17 Províncies Unides es van conjurar per treballar plegades per deslligar-se de l’ocupació de la Corona de Castella. Aquesta lluita comuna els va permetre viure una pujança econòmica i comercial que les va dur a un dels períodes més daurats de la seva història. El procés de creixement econòmic va fer eclosió a principis del segle XVII, quan ja constituïdes com a República Holandesa, van esdevenir la primera potència econòmica mundial. Era possible compaginar l’ètica protestant i l’esperit del capitalisme sorgit dels monopolis comercials de les mars del Japó?

Sí, i el pintor neerlandès Frans Hals ho va retratar. L’artista, considerat el gran retratista flamenc del segle XVII, va pintar per a la posteritat infinitat de retrats per a les classes acomodades holandeses, que tenien molt d’interès a deixar constància de la seva bona fortuna. Un clar exemple és el seu conegut quadre ‘Retrat d’una parella’, que mostra a un matrimoni agafant-se de la mà, símbol de lleialtat.

En aquest context d’exuberància econòmica, fou quan les tulipes van adquirir una rellevància incomprensible, atès que van convertir-se en l’expressió de major ostentació econòmica que es podia mostrar en públic. Perquè ens fem una idea, durant la dècada dels anys 20, només un bulb de tulipa es podia vendre fàcilment per 1.000 florins, mentre que el sou mitjà anual d’un holandès era de 150 florins. És a dir: un neerlandès mitjà havia de treballar durant quasi deu anys per adquirir un bulb de tulipa exòtic.

Aquest exotisme desmesurat va desembocar en una bogeria per la compra de tulipes a futur que duraria anys, fins a arribar a provocar una crisi financera descomunal i la fallida total del sistema econòmic holandès a partir del 6 de febrer de 1637. Aquesta bombolla de les tulipes que va petar potser ens recorda a la bombolla immobiliària del 2008 i les maleïdes hipoteques ‘subprime’. 

1720: Qui té un amic, té un tresor

Si t’ofereixen l’oportunitat d’invertir en una empresa i t’asseguren que et reportarà moltíssims beneficis, segurament t’ho pensaràs. Després, et faràs la següent pregunta: aquesta empresa exactament què produeix per generar tants beneficis? A l’Anglaterra de principis del segle XVIII, molts inversors —petits, grans i molt grans— aquesta pregunta la van obviar. De fet, ni tan sols se la van plantejar.

L’afany per conquerir nous mercats per tal d’incrementar les balances comercials de les principals monarquies europees —castellana, francesa i anglesa— va provocar importants conflictes bèl·lics continentals. I, tots ells, comportaven uns elevadíssims costos econòmics per als eraris públics. Per això, es van veure obligades a cercar el control de nous territoris d’ultramar, principalment de les Amèriques; i el domini del món, en general.

L’emissió de deute era una de les fórmules emprades pels Estats per finançar les seves polítiques expansionistes. A l’Anglaterra del 1719, la Companyia dels Mars del Sud era una de les moltes empreses que compraven part del deute. A la vegada, l’empresa emetia accions per finançar-se i amb aquests diners tornava a comprar deute. Tanmateix, a diferència de la resta de competidors, la Companyia dels Mars del Sud va aconseguir un acord crucial d’exclusivitat en esdevenir l’única companyia anglesa amb potestat per comerciar directament amb les colònies sud-americanes de la Corona Castellana.

Aquest acord va provocar que els mercats financers es veiessin desbordats per una gran eufòria compradora d’accions de la companyia. Tanmateix, no hem d’oblidar que tot aquest engranatge —ple de trucs organitzats—, era mogut per l’Estat anglès per finançar-se. El fet curiós és que aquesta companyia pràcticament no va exercir mai cap activitat, però les seves accions van pujar més d’un 1.000% en menys d’un any.

Així i tot, quan l’eufòria va desaparèixer i els preus de les accions van col·lapsar, va haver-hi una crisi de liquiditat, que es va estendre per tota l’economia anglesa i va desencadenar en una crisi de dimensions bíbliques. Per davant es va emportar a milers d’inversors que ho van perdre tot, el govern va dimitir en bloc, el Parlament es va dissoldre i una comissió gestora es va fer càrrec de la gestió del país. Els representants de la Companyia dels Mars del Sud van acabar tots a la Torre de Londres. Finalment, Anglaterra va entrar en una llarga i profunda recessió econòmica que va durar dècades.

1797: La construcció d’una nova capital

Reunits a la ciutat de Filadèlfia, 55 representants de les antigues colònies americanes es disposaven a redactar una innovadora i revolucionària Carta Magna per a la incipient nació. Enrere quedava la guerra i el futur semblava prometedor. La nova constitució —d’arrel il·lustrada— s’inspirava en els principis de la llibertat i la igualtat. Aquella generació d’europeus que havien crescut i lluitat per implementar els principis de la raó en les seves societats, van observar el revolucionari sistema democràtic i republicà dels recentment nascuts Estats Units com el pas definitiu cap a la modernitat. A partir d’aleshores, tots els homes esdevindrien iguals per naturalesa i davant la llei.

La constitució nord-americana plantejava la creació d’un govern federal, limitat en les seves competències, però superior als Estats, equipat amb branques executiva i judicial, i un cos legislatiu bicameral: el Senat i la Cambra de Representants. I tots aquests organismes, on s’havien d’ubicar? S’havia de construir una nova capital?

Les discussions per decidir la ubicació van ser llargues i tenses, encara que al final es va decidir que es construiria en uns extensos terrenys sobre el riu Potomac, al sud de Baltimore. L’urbanisme de la capital havia de representar l’esperit il·lustrat mitjançant grans avingudes, rotondes, extenses zones enjardinades, i tot havia de respirar un estil neoclàssic. Tanmateix, què passa quan comences a construir la capital i més del 40% dels terrenys són privats?

La North American Land Company pretenia, amb la compra dels lots de terra, vendre’ls a inversors europeus. Així i tot, aquesta venda massiva no es va materialitzar, perquè Europa estava massa entretinguda amb Napoleó, causant principal de la tensió monetària i la retirada massiva de dipòsits dels principals bancs europeus. Per això, la North American Land Company va accedir als principals mercats crediticis europeus —anglès, francès i holandès—, va provocar la desfeta de la xarxa creditícia de l’Atlàntic, i va acabar per accelerar el col·lapse del sistema i en una important aturada comercial. 

1815: El món després de Viena

Una figura a cavall va emergir entre les boires matinals a la Prairie de la Rencontre, a prop de Grenoble. Dirigint-se a l’exèrcit —que el venia a detenir per haver-se escapat de l’illa d’Elba— va cridar: “Soldats! Soc el vostre emperador. No em reconeixeu?”. Al cap d’un mes i mig, entrava a París entre crits de “Visca l’Emperador!”. La història estava disposada a donar-li una nova oportunitat a en Napoleó Bonaparte.

La restauració de la monarquia francesa —i, per tant, de l’antic règim— xocava de ple amb l’esperit revolucionari que Napoleó havia estat combatent durant quasi dues dècades.  Semblava que les dues concepcions sobre la gestió del poder eren irreconciliables i calia dirimir-ho en el camp de batalla. Realment, Waterloo va significar la fi del somni revolucionari d’en Bonaparte?

Els vencedors de Waterloo —Àustria, Gran Bretanya, Rússia, Prússia i França— es van citar a Viena per restaurar l’antic ordre prerevolucionari. Convençuts de redreçar la situació, aviat es van adonar que les guerres napoleòniques havien produït uns canvis radicals i profunds a Europa, així com a altres parts del món. Tots els esforços per revertir les polítiques napoleòniques van ser infructuosos. 

Durant quasi 20 anys, la subjugació dels països europeus sota l’Imperi Francès va permetre introduir moltes de les característiques liberals de la Revolució Francesa: la democràcia, les lleis, el procés judicial de les Corts, l’abolició de la servitud, la reducció del poder de l’Església catòlica i la demanda d’un límit als poders de la monarquia. Un dels llegats més importants de l’expansió napoleònica a Europa va ser la instauració del dret civil i les seves institucions.

1845: El genocidi gastronòmic de la patata

A partir del segle XII, Irlanda va caure sota el domini d’Anglaterra, que va traslladar a l’illa població no autòctona perquè s’establissin com a colons. Al segle XIV, es van imposar les anomenades Normes de Kilkenny, que prohibien els matrimonis mixtos, així com l’ús del gaèlic i els costums del país. Oliver Cromwell, al segle XVII, va ordenar la confiscació de terres i altres béns dels catòlics irlandesos, que podien passar a mans dels colons protestants anglesos, els únics que podien obtenir beneficis de les terres.

Abans d’aquesta confiscació, l’alimentació tradicional irlandesa es basava en cereals, carn, lactis, verdura i fruites. Després de la confiscació, grans quantitats de productes —cereals, bestiar, lactis, aus— van començar a sortir diàriament dels ports irlandesos cap a Anglaterra. Per això, els irlandesos van ser forçats a mantenir una dieta exclusivament a base de patates i llet.

I de cop i volta, l’any 1845, a les plantacions de patates va aparèixer una terrible plaga provocada pel fong ‘Phytophthora infestans’, que es va estendre ràpidament i va afectar de manera fatídica tots els cultius de patates. La plaga va desencadenar un terrible episodi de fam per tota la pagesia irlandesa, i va causar la mort de més d’un milió de persones. Mentrestant, el Parlament anglès no va prendre cap mesura per ajudar a la pagesia irlandesa: únicament va enviar a Irlanda uns 200.000 soldats per mantenir la situació comercial sota control i evitar l’aixecament de la població. D’aquesta manera, s’assegurava que desenes de milions de caps de bestiar, tones de farina, gra, aus i productes lactis sortissin del país.

Davant d’aquesta situació tan dramàtica —agreujada per uns rigorosos hiverns—, entre el 1845 i el 1849, més d’un milió i mig d’irlandesos van decidir deixar de passar gana a les estepes verdes i emigrar al nou món.

1866: Rendibilitats fictícies

Certs estudis tècnics demostraven que a Ogassa —població situada sota el Taga— hi havia abundància de carbó, fet que possibilitaria l’explotació de la zona a gran escala. Aquesta extracció plantejava la necessitat de construir una xarxa moderna per transportar el material a un baix cost fins a Barcelona per fer funcionar les modernes màquines de vapor de la incipient indústria tèxtil. Per aquest motiu, es van destinar gran quantitat de recursos econòmics —públics i privats— a la construcció de la xarxa ferroviària catalana. Amb aquesta infraestructura es pretenia aconseguir una indústria més competitiva i diversificada.

Ràpidament, la Monarquia es va pujar al carro del desenvolupament territorial per a tot l’àmbit estatal. I la història ens ha ensenyat que la construcció d’una nova gran infraestructura a escala estatal requereix molts recursos econòmics. Moltíssims. Per això, es va haver de reformar el sistema financer estatal per mitjà de dues importants lleis: la Llei de Bancs d’Emissió i la Llei de Societats de Crèdit. 

Però els mecanismes financers que havien fet possible la gran expansió de la dècada van tocar fons el 1866 amb el crac de la Borsa de Barcelona. Simplificant molt, els motius van ser tres. El primer, la progressiva acumulació de pèrdues de les principals empreses creditores —com per exemple, Catalana General de Crèdit, molt implicada en la construcció i explotació ferroviària—, que van anar demostrant que seria impossible recuperar totes les inversions realitzades. Segon, la intensa participació de la societat en el negoci ferroviari, tant en forma d’accions i obligacions en cartera com en préstecs garantits, que seria afectada per una caiguda dràstica de la seva cotització. I tercer, l’increment desmesurat dels tipus d’interès, amb els efectes inevitables sobre tot el sistema financer. Tot plegat acabaria esgotant tots els recursos econòmics atresorats durant dècades.

1879: La mort de les vinyes

La Sentència Arbitral de Guadalupe —de finals del segle XV—, va posar fi a la qüestió de la remença a Catalunya. Una de les seves conseqüències va ser sobre la propietat de la terra, que es va anar disgregant. Les grans propietats es van anar parcel·lant en règim d’emfiteusi, semblant a un arrendament, per mitjà d’un contracte de rabassa morta. Aquest instrument jurídic tenia com a objectiu la cessió al pagès d’unes terres ermes, és a dir, no treballades, perquè aquest hi plantés ceps i treballés la vinya mentre visquessin els ceps que havia plantat. D’aquesta manera, el pagès es convertia en usufructuari de les terres que conreava, a canvi de pagar un cens anual al propietari.

Al llarg dels segles XVIII i XIX, les principals comarques catalanes productores de vi van incrementar exponencialment la seva producció agrària, a causa d’una forta demanda del mercat. Aquest fet va portar a l’increment espectacular d’explotació de noves terres, amb la consegüent necessitat d’una abundant mà d’obra i, a la llarga, un augment demogràfic. La dècada dels anys 80 del segle XIX, Catalunya va viure l’edat d’or de la vitivinicultura, mentre França estava infectada per la fil·loxera.

Aquest insecte americà atacava les arrels de la vinya i les matava lentament, la qual cosa explica la seva lenta extensió territorial. Però la fil·loxera va saltar a Catalunya per l’Empordà l’any 1879. El 1893 va arribar al Penedès, on en vuit anys va arrasar fins a 385.000 hectàrees de vinya. I el 1899 va arribar a la Terra Alta.

Encegats pels beneficis, aquella generació només va pensar en el curt termini. Ni es va plantejar la possibilitat que la fil·loxera els afectés, ni de bon tros que els pagesos haguessin d’arrencar els ceps i, encara menys, passar un temps sense produir. I, si els ceps es morien, què passaria amb els contractes de rabassa morta? La situació es va complicar. I molt. 

Primer de tot, es van substituir el 99% dels ceps europeus —‘Vitis vinifera’— pels ceps americans —‘Vitis rotundifolia’—, atès que són molt més resistents a la fil·loxera. I segon, els propietaris de les terres van considerar trencats el contractes de rabassa morta amb la mort dels ceps, tot i que els rabassaires demanaven la renovació dels contractes per l’excepcionalitat de la situació. Donat l’augment de la conflictivitat, les opcions van anar encaminades en dues direccions: que els antics rabassaires esdevinguessin parcers, la qual cosa volia dir perdre la majoria dels antics drets sobre la terra o emigrar a la ciutat, i esdevenir mà d’obra barata per a les modernes fàbriques tèxtils.

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Fractional-reserve banking is a system in which only a portion of deposits must be available for withdrawal. The remainder can be used for investment or lending to help expand the economy. It is currently the banking system used in most of the world’s economies.

Doubts about the solvency of Silicon Valley Bank and Credit Suisse led their customers to withdraw their deposits en masse in March. None of them had sufficient reserves to cope with the flood of savers and businesses wanting to withdraw their money. The former eventually collapsed and the latter had to be taken over by UBS following a liquidity injection of millions of dollars by the Swiss central bank.

Banking systems in most countries oblige banks to keep a small part of their customers’ deposits in reserve to meet withdrawals, either in physical cash or in highly liquid instruments. The rest can be used for investments and loans that contribute to the growth of the economy by keeping money flowing. This is the basis of fractional reserve banking.

This type of banking makes possible the bank multiplier, which expands the money in circulation when, upon receiving a deposit, the bank holds only a small fraction in reserve and lends out the rest. In this way, two people hold the same money, the one who has made the deposit and the one who has received the loan. This is why the monetary base, i.e. real money, is lower than the monetary aggregates of the financial system.

Beyond its own reserves, if a bank needs additional liquidity to fund loans, liquidate deposits or meet other obligations, it can borrow money from other banks. Or, as a last resort, it can turn to the discount window of its country’s central bank, where it can obtain money at a higher interest rate.

The risk of banking panic

The problem with fractional reserve banking is the constant risk of insolvency in the face of a massive withdrawal of funds from an institution, especially given the process of deregulation that the sector has undergone since the 1980s. In a panic situation such as that experienced by customers of Silicon Valley Bank and Credit Suisse, there is a risk that withdrawals will exceed the available reserves and the system’s capacity to inject sufficient liquidity. 

Fractional reserve banking is considered to have its roots in the Middle Ages and was linked to the trade in precious metals. Goldsmiths began to use the gold deposited in their establishments to issue interest-bearing loans in the form of promissory notes, which were later used as a medium of exchange. The promissory notes issued eventually exceeded the amount of physical gold in their custody. 

From the 17th century onwards, banks issuing paper money became widespread. By the 19th century, thousands of banks were already doing so. The crisis caused by the bankruptcy of many of them led to the creation of central banks, which had to back the currency they issued exclusively.

The situation in the Eurozone

At present, credit institutions in the euro area are obliged to hold at least the equivalent of 1% of specific liabilities, mainly customer deposits, with their national central bank. This is currently equivalent to around 165 billion euros, according to data from the European Central Bank (ECB). As the Banco de España indicates, this is “a monetary policy instrument that affects the structural liquidity needs of the market and allows short-term interest rates to be stabilised”. 

These minimum reserve requirements are fixed for a period of six to seven weeks, known as the “maintenance period”. The amount of funds to be set aside is calculated on the basis of the institution’s balance sheet before the maintenance period begins.

At the end of each maintenance period, the euro area national central banks pay interest to private institutions on these minimum reserves. This remuneration has historically been linked to the main refinancing operations (MRO) rate, but from the end of 2022, the minimum reserves are remunerated at the deposit facility rate. This change better aligns the interest paid on reserve requirements with prevailing money market rates.

The vulnerability of US banks

In March 2020, the Federal Reserve reduced reserve requirements for all depository institutions to zero. Instead, banks are now paid a specific interest rate on their reserve balance to encourage reserve maintenance. 

This measure, aimed at injecting liquidity into the US economy during the pandemic, has increased risk in the US banking system, as seen in the case of Silicon Valley Bank.

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