Robison (211) describes the 1694 loan from bankers to the English king "for a guaranteed rate of interest of eight percent"
"The capitalizing of state power [thus] had its roots in private wealth; thus the rich and the state became co-dependents, two aspects of the same power structure"
"After that, the Bank of England became the mechanism by which the financing of the state apparatus was monopolized by a small group of wealthy tradespeople, and the shift from feudal land power to bourgeois money power was complete. The state from then on was always indebted to private wealth, and so relied on the good will of particular private individuals, who were unelected and unrepresentative of anyone but their own class, and yet were insterted right into the heart of state power"
"a big piece of the system of the current world fell into place"
see also the section of Graber's Debt that discusses this