Repeated funding shortages delayed the Armada's launch. At the same time, some of Spain's largest and most powerful ships still had to serve with the treasure fleet. Protecting the flow of American wealth was indispensable because that revenue supported the wider monarchy. The resulting opportunity cost explains why a ship-rich empire could not simply assign every strong vessel to the invasion of England.
Notable Point · 22:55-23:20
Treasure-fleet protection competes with Armada readiness
Funding shortages delayed the Armada while Spain's most powerful ships still had to protect the treasure fleet that sustained the monarchy's finances.