Seventeen years after the establishment of the #Bank of #England, Addison, in one of his cleverest and most graceful allegories, described the position of this great institution, through which the enormous wealth of London constantly passed. He imagined credit sitting on a throne in the hall of colonial merchants; above his head was the bank's charter, before his eyes the act of William's accession to the throne. Everything turned to gold at his touch. Behind him, sacks of money were piled high to the ceiling. To the right and left of him, pyramids of guineas rose. Suddenly the door opens. The pretender bursts in, sponge in one hand, sword in the other, threatening the deed that gave the crown to William. The magical power that transformed everything around him into treasure vanishes. The pile of sacks falls to the floor: empty; the pyramids of guineas turn into heaps of rags and splinters. #bitcoin #btc 📝 b5c6e82a…