In a monarchy where the state treasury and the personal wealth of leaders are essentially one in the same, it is the citizens who pay for the luxurious lifestyle of the upper classes. And when the citizens are no longer able to pay, then the Iron Bank of Braavos foots the bill– until now. “We have been monitoring fiscal policy in Westeros for some time with great concern,” said a bank press officer. “The national debt has reached alarming proportions and the potential harvest losses that could result from a probable multiyear winter will further strain the balance sheets.”

A master of coin who's too slick to fail?

This clear warning from normally reticent bankers should indeed be cause for alarm in King’s Landing. According to the estimates, Lord Petyr Baelish, the treasurer and former confidant of the deceased king Robert I. Baratheon, has hidden the extent of the national debt for years behind complex financial transactions.

The impending withdrawal of the top “AAA” rating by the Braavosi ratings agency is much more than a formality. If the access of financial institutions to capital markets is hampered by a downgrade, the consequences for Westeros could be dire. It is well known that the Iron Bank collects its debts by financing the enemies of its debtors. But what should really worry the Baratheons, Lannisters and Tyrells isn’t the stock market drying up in Kings Landing, but rather the potential provision of unlimited resources to the army led by the usurper Stannis I.

House Lannister still the golden boy of the market

Pure Lannister bonds are proving to be continually robust, backed by the consistent returns provided by the gold mines under Casterly Rock. Rumors that the mines are nearing their production capacity or even have been completely exhausted have been dismissed as “laughable” by a press officer. “A Lannister always pays his debts.” Using this motto is indeed a very quick way to become a darling of the financial markets.