11
The decline of Spain.
§
Revenues.
§
Americas less than 20 percent.
§
Netherlands largest source.
§
Costs.
§
Far exceed revenues.
§
Hapsburgs spend on military
and wars to expand empire.
§
Effects.
§
Borrowing and bankruptcy.
§
Fiscal spiral.
§
Confiscation, monopoly, sale of
titles.
Titian,
Charles V Seated
(1548).
Pinakothek Munich.
