The following was found in a comment at the blog of economist Nouriel Roubini. Attributed to The Rise of the Dutch Republic by J.L. Motley, it describes Spain circa 1615. Deja Vu.

Labour was more degraded than ever. The industrious classes, if such could be said to exist, were esteemed every day more and more infamous. Merchants, shopkeepers, mechanics, were reptiles, as vilely, esteemed as Jews, Moors, Protestants, or Pagans. Acquiring wealth by any kind of production was dishonourable. A grandee who should permit himself to sell the wool from his boundless sheep-walks disgraced his caste, and was accounted as low as a merchant. To create was the business of slaves and miscreants: to destroy was the distinguishing attribute of Christians and nobles. To cheat, to pick, and to steal, on the most minute and the most gigantic scale — these were also among the dearest privileges of the exalted classes. No merchandize was polluting save the produce of honest industry. To sell places in church and state, the army, the navy, and the sacred tribunals of law, to take bribes from rich and poor, high and low; in sums infinitesimal or enormous, to pillage the exchequer in, every imaginable form, to dispose of titles of honour, orders of chivalry, posts in municipal council, at auction; to barter influence, audiences, official interviews against money cynically paid down in rascal counters — all this was esteemed consistent with patrician dignity. The ministers, ecclesiastics, and those about court, obtaining a monopoly of such trade, left the business of production and circulation to their inferiors, while, as has already been sufficiently indicated, religious fanaticism and a pride of race, which nearly amounted to idiocy, had generated a scorn for labour even among the lowest orders. As a natural consequence, commerce and the mechanical arts fell almost exclusively into the hands of foreigners — Italians, English, and French — who resorted in yearly increasing numbers to Spain for the purpose of enriching themselves by the industry which the natives despised.

The capital thus acquired was at regular intervals removed from the country to other lands, where wealth resulting from traffic or manufactures was not accounted infamous. Moreover, as the soil of the country was held by a few great proprietors — an immense portion in the dead-hand of an insatiate and ever-grasping church, and much of the remainder in vast entailed estates — it was nearly impossible for the masses of the people to become owners of any portion of the land. To be an agricultural day-labourer at less than a beggar’s wage could hardly be a tempting pursuit for a proud and indolent race. It was no wonder therefore that the business of the brigand, the smuggler, the professional mendicant became from year to year more attractive and more overdone; while an ever-thickening swarm of priests, friars, and nuns of every order, engendered out of a corrupt and decaying society, increasing the general indolence, immorality, and unproductive consumption, and frightfully diminishing the productive force of the country, fed like locusts upon what was left in the unhappy land. “To shirk labour, infinite numbers become priests and friars,” said, a good Catholic, in the year 1608 —[Gir. Soranzo].
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Meantime, Government declared that the piece of four maravedis should be worth eight maravedis; the piece of two maravedis being fixed at four. Thus the specie of the kingdom was to be doubled, and by means of this enlightened legislation, Spain, after destroying agriculture, commerce, and manufacture, was to maintain great armies and navies, and establish universal monarchy.


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The foreign polity of the court remained as it had been established by Philip II.


Its maxims were very simple. To do unto your neighbour all possible harm, and to foster the greatness of Spain by sowing discord and maintaining civil war in all other nations, was the fundamental precept. To bribe and corrupt the servants of other potentates, to maintain a regular paid bode of adherents in foreign lands, ever ready to engage in schemes of assassination, conspiracy, sedition, and rebellion against the legitimate authority, to make mankind miserable, so far as it was in the power of human force or craft to produce wretchedness, were objects still faithfully pursued.


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The general poverty was so great that it was often absolutely impossible to purchase food for the royal household. “If you ask me,” said a cool observer, “how this great show of empire is maintained, when the funds are so small, I answer that it is done by not paying at all.” The Government was shamelessly, hopelessly bankrupt. The noble band of courtiers were growing enormously rich. The state was a carcase which unclean vultures were picking to the bones.