There was once a kingdom that had a huge reparation bill in favour of a rival following a failed annexation battle. Fearing it would deplete its gold to honour the bill, the King held private meetings with goldsmiths who offered to lend him their gold to be offset against future tax obligations.
The goldsmith depositors who had rented out gold storage spaces got wind of the King’s plans and feared for their deposits. The next morning, nearly all the depositors showed up at the goldsmiths’ doors demanding back their gold.
