Mary Emma Baxter

Haggling Their Way out of Hell

Medici Money

By

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When Giovanni di Bicci de’Medici, founder of the Medici Bank, died in 1429, he advised his children to ‘stay out of the public eye’. Never can paternal advice have been so ignored. Giovanni’s descendants left monuments to themselves all over Florence, and changed the political and financial scene in Italy for ever.

Giovanni registered the Medici Bank in Florence in 1397. Immediately he was told by a fellow merchant, ‘Nobody will ever think of you as an honest trader again.’ In the Divine Comedy, Dante reserves the third ditch of the seventh circle of hell for the usurers, the blasphemers, and the sodomites. Why was it, Tim Parks asks, that usury was not just a sin, but the sin on the minds of wealthy men approaching their deathbeds? He quotes Thomas Aquinas: ‘God creates work to complete man’s nature. Refusing work, the usurer rejects nature, rejects the way God has chosen for him.’

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