The First Chance To Crack The Iron Bank of Braavos, They Try Me

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08/29/2011

The First Chance To Crack The Iron Bank of Braavos, They Try Me

Very minor spoilers for A Dance With Dragons follow. Not really anything you'd be pissed at me for revealing, but better safe than sorry, right? Consider yourself warned.

I was IMing with Alyssa "No Mercy" Rosenberg today and we got to discussing a bit of a Song of Ice & Fire mystery. The Iron Throne is entirely in debt to the Iron Bank of Braavos. How can it be that House Lannister doesn't pay the most important debt in the Realm? Even with a multi-front war going, it's... out of character. There's no textual support for the proposition that Casterly Rock is strapped for gold.

One possible explanation: debt as war strategy. Keep the Iron Throne impoverished so potential rivals won't want a throne indebted to Braavos. Is Stannis, with his obsessive sense of (a version of) justice, really going to think it's worth it. Well, Stannis probably will. But still. I should mention that there's absolutely no textual support for this proposition, either.

Alternatively, could the debt be a weapon in Stannis' hand? If he knew about it, that is -- there's no textual evidence that he does. It's not like anyone loves the Lannisters. The great Westerosi houses that acquiesce to Lannister rule do so out of a paucity of other options and the surety of knowledge that finance is the strength of Casterly Rock. Stannis can make himself a more palatable option by going S&P on the Lannisters.

I guess the Lannisters could point out that it was Stannis' brother who actually bankrupted the realm. But would that really redound to their benefit? Blaming your predecessor typically works best if people hate your predecessor more than you.

Posted at 07:06 PM in Food and Drink | Permalink

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I think the more likely scenario is the simpler one: Tywin Lannister had no intention of stiffing the Iron Bank, but had a war to fight and a kingdom to consolidate and assumed that his word as a Lannister (and probably the occasional pro-forma interest payment) would be sufficient to keep the bankers happy until things settled down. Then the only one of his three children smart enough to continue that policy promptly shot Tywin with a crossbow and fled the country, leaving Cersei as de facto ruler of Westeros. And not only was Cersei exactly the sort of idiot who'd think that she could face down the Iron Bank without consequences, but her council was actually under the control of someone who wished her reign to be as troubled as possible (Varys), so no good advice to the contrary was going to be forthcoming.

Posted by: Doctor Memory | 08/29/2011 at 07:40 PM

@DoctorMemory not a bad theory!

Posted by: Attackerman | 08/30/2011 at 04:47 AM

There's a bit on Lannister fiscal policy in Kevan's exit at the end of the book:

Unless a new source of coin could be found, or the Iron Bank persuaded to relent, he would have no choice but to pay the crown’s debts with Lannister gold. He dare not resort to new taxes, not with the Seven Kingdoms crawling with rebellion. Half the lords in the realm could not tell taxation from tyranny, and would bolt to the nearest usurper in a heartbeat if it would save them a clipped copper.

Kevan views spending Casterly Rock's gold as a last resort plan - understandable since the Lannister throne now rests on two things: Lannister wealth and Tyrell swords. The Lannister armies have been drained away by the war against Robb - the Tyrells are comparatively unblooded. But if Casterly Rock has to throw all its money at Braavos to make good the debts of the crown, Tyrell influence will increase.

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