The Truth About America's Gold: How the Habsburgs Squandered the Wealth of the New World
Since Christopher Columbus's arrival in 1492, the American continent became a vast treasure for European powers. At its peak, the Spanish Habsburgs, under the reign of Charles I and later Philip II, greatly benefited from the wealth flowing from the New World. However, this story of grandeur is marked by unparalleled waste and a decline that ultimately undermined the very empire they built. Below, we will explore how the House of Habsburg squandered the riches of America, leaving a legacy of opulence and ruin.
The Arrival of Gold: A Dream Come True
The discovery of gold in America was a dream come true for the kings of Spain. According to historical sources, between 1500 and 1600, the Spanish empire received nearly 200 tons of gold and 18,000 tons of silver from its American colonies. This incessant flow of gold transformed Spain into the dominant power in Europe and allowed the Habsburgs to finance wars, build palaces, and maintain an opulent court. The figures are astounding: during Philip II's reign, the accumulated treasure was estimated to reach 20 million ducats per year.
The Opulence of the Habsburg Court
The Habsburgs spared no expense. The construction of the Escorial and the decoration of the Alhambra are tangible examples of the grandeur they sought. The 16th-century chronicler Antonio Pérez documented the magnificence of the royal palace in Madrid, where luxury and extravagance were part of everyday life. However, this opulence came at a high cost. As the resources were squandered, the...