Prices were rising with unexampled rapidity, the precious metals were comparatively a drug, a world-wide commerce, such as had never been dreamed of, had become an every-day concern, the arts and sciences and a most generous culture in famous schools and universities, which had been founded in the midst of tumult and bloodshed, characterized the republic, and the golden age of English poetry, which was to make the Elizabethan era famous through all time, had already begun.
In the Spanish Netherlands the newly-found treasure served to pay the only labourers required in a subjugated and almost deserted country, the pikemen of Spain and Italy, and the reiters of Germany.

Prices could not sustain themselves in the face of depopulation.

Where there was no security for property, no home-market, no foreign intercourse, industrial pursuits had become almost impossible.

The small demand for labour had caused it, as it were, to disappear, altogether.

All men had become beggars, brigands, or soldiers.