How did Philip II's manage to go bankrupt despite all the gold and silver from the American colonies? * A. His frequent wars aga
inst Protestant and Muslims. B. His support of Spanish manufacturing. C. He ruled that all art depict religious subjects. D. He provided financial support to artists.
A. His frequent wars against Protestant and Muslims.
Explanation:
Philip II was a fervent Catholic and it is true that he started many wars to defend the power and influence of the Catholic Church against Protestants and Muslims, but wars cost a lot of money and Philip has already inherited the throne with Spain bordering on bankruptcy. To pay for the wars, he had to borrow money from other nations, which caused a huge expenditure of money, leading to complete bankruptcy in 1598. It took a long period of reforms for Spain to have an efficient economy again.
