Essexian Depression

From MicroWiki, the micronational encyclopædia
This is an old revision of this page, as edited by JamieM (talk | contribs) at 18:58, 30 May 2020. It may differ significantly from the current revision.
(diff) ← Older revision | Latest revision (diff) | Newer revision → (diff)
Jump to: navigation, search
Essexian Financial Depression
Yen Economy.png
Date16 September 2018 - 22 December 2018 97 days.
Location

The Essexian Financial Depression was an outcome of the brief and best-forgotten Civil War, otherwise known as the 16th September Coup, or the Battle of South Jaywick, among many names. It caused a drop in the total amount of Yen in the economy, and sparked a period of financial inactivity.

History

Prior to the events of the 16th September, it must be noted that Lord Jack, Lord Chris, Crown Minister Summers, and other notable individuals involved in the event, were all 'big spenders' in the Essexian economy. Each gambled, arguably more so than any other citizens of the time, huge amounts of yen on an almost daily basis, sometimes winning yet sometimes losing. Regardless, almosy every citizen gambled or used their personal income at least once a week, allowing the economy (Judged by the total amount of Yen in Circulation) to flourish. This lasted from July until the depression.

On the 15th September 2018, the day before the crash, the total yen was recorded as ¥941,832, or the equivalent of £188,366 (rounded up to nearest whole). However, due to the events of the 16th September, the economy plummeted, with the lack of investment, treasury staff or accurately recorded data resulting in the economy hitting rock bottom. The Civil War lasted until the 19th September, however as a period of time was necessary to reintegrate the two nations (Kingdom of Essexia and Federation of Essexia) and the economy was not at the forefront of priorities, the next recorded data point wasn't until the 24th, where the economy was at just ¥1,200, or £240.

Entire recorded history of the Essexian yen.

The economy began to grow again, however, reaching ¥317,152 (£63,430) after a month; ¥689,650 (£137,930) after 2; and ¥1,091,042 (£218,208) after 3. This following growth was slower than it had been pre-crash, however that was due to the lack of confidence as a result of the War, as well as the Treaty of Jaywick's enforcement seeing Earl Jack fined, losing his status as the richest individual in Essexia and therefore having to gamble less.

Outcome

The Depression, like the Civil War, is a little know aspect of modern Essexian history, and a reason for why the Commonwealth now lacks a digital economy. It shows the dangers of a laissez faire economic policy, as well as the authoritarianism of the opposite (As shown by the Treaty of South Jaywick, and it's later repeal by Emperor Terry.)