Philip II of Spain was a devout Catholic who ruled over the vast Spanish Empire in the 16th century. He believed Protestant ideas were heretical and had thousands of Dutch people condemned as heretics and burned at the stake. While some merchants grew rich from New World silver, most Spaniards suffered from inflation and poverty. Philip invested heavily in art and architecture like the enormous El Escorial monastery, yet this contributed to Spain's growing financial troubles. His neglect of the economy and reliance on silver led Spain to bankruptcy by the late 1500s.