Is anyone else's biggest regret about the Game of Thrones universe that we never get to see how the Iron Bank hedges political and climate risk.
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Think of The Crown as the legal monetary authority, and the Iron Bank as global equivalent of the modern shadow finance system, i.e. private equity and associated players.
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The real question for readers is: what happens when the shadow finance system becomes too large to govern.
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Civil war is mainly ruinously expensive for the economy in which it occurs, and the carry-on effects in terms of trade are quite clearly small in this world, so the only harm would be to a localized subset of the iron bank's interests. Perhaps it could be factored into the costs.
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Maybe it's easier when your primary war goal is to make a public example of the defaulting party.
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