Daniel Defoe, the author of "Robinson Crusoe", would have felt at home in these debt-laden times. A string of failed business ventures frequently left him in hock to his creditors. As a result he was known as the "Sunday gentleman" because he ventured out into polite society only on the Sabbath, when custom forbade the arrest of debtors. The author also played a role in the evolution of "quantitative easing" (oe), or using newly created money to buy debt. He has been credited* with dreaming up the South Sea Company, the subject of an early experiment in qe. Defoe was an enthusiast for Latin America and persuaded the British government to set up a company to trade with the region in 1711 Early business opportunities were almost non-existent thanks to Spanish opposition.
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