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AI's debt colony | @mcclowes

mcclowes.com

In 1528, the Welser banking family of Augsburg struck a deal with Emperor Charles V: in exchange for debts the Emperor couldn't repay, they'd receive the Province of Venezuela to colonise and exploit. They called it Klein-Venedig — Little Venice. It lasted eighteen years, and it's one of the most instructive failures in colonial history.

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