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The Panic of 1890 was an acute depression that was less serious than other panics of the era precipitated by the near insolvency of the Baring Brothers Bank in London due mainly to poor investments in Argentina. The Bank of England bailed out the Baring Brothers which prevented a larger depression. Nathan Rothschild remarked that if this had not happened, perhaps the entire private banking system of London would have collapsed which would have made for a tremendous economic catastrophe.