1694
Establishment of the Bank of England — Transitioned from the king's personal credit to sovereign credit guaranteed by Parliament, securing a structural advantage in wars against France over the next 100 years
1789
France, unable to resolve its fiscal crisis due to the tax exemption structure of privileged classes, convened the Estates-General → Escalated into revolution
1790~1791
United States, invented unified national credit through federal assumption of state debts and the establishment of the First Bank of the United States
1944
Bretton Woods System — The US dollar designated as the world's only gold-convertible currency and key reserve currency at $35 per ounce of gold
1971
United States, declared the suspension of gold convertibility — Maintained the dollar credit system even without gold as the final physical collateral