Support us on Patreon! http://bit.ly/EHPatreon Watch more Extra History! http://bit.ly/ExtraHistory Subscribe for new episodes every other Saturday! http://bit.ly/SubToEC Follow us on Facebook! http://bit.ly/ECFBPage Follow us on Twitter! http://bit.ly/ECTweet Follow us on Twitch! http://bit.y/ECTwitch ____________ When Robert Harley steps in as England's new Chancellor of the Exchequer, he discovers that not only is the government deeply in debt, but no one knows quite how much debt it owes. Because vicious political infighting between the Tory and Whig politic parties made it difficult to pass new tax laws, Harley turned to a private financier named John Blunt to help find enough money for England to keep up with its expenses for the year. Using Harley's government resources, Blunt instigated a series of get-rich schemes that drove artificial demand for unsustainable land and lottery investments with tremendous short term gains. Before the year was done, Blunt had successfully covered the shortfall for the government that year - albeit at the cost of driving England's already outrageous debt even higher. ___________ Get the intro music here! http://bit.ly/1EQA5N7 *Music by Demetori: http://bit.ly/1AaJG4H Listen to the outro music here! http://bit.ly/1ERCS9G __________ Extra History - Warring States Japan: Sengoku Jidai Chapter 1: Battle of Okehazama: http://bit.ly/1xgZxfi James Recommends - City Building Games Across the Ages Anno Series (Dawn of Discovery): http://bit.ly/18mJxPg
Views: 1673448 Extra Credits
Support us on Patreon! http://bit.ly/EHPatreon Watch the South Sea Bubble series! http://bit.ly/1xfVN9W Subscribe for new episodes every other Saturday! http://bit.ly/SubToEC Follow us on Facebook! http://bit.ly/ECFBPage Follow us on Twitter! http://bit.ly/ECTweet Follow us on Twitch! http://bit.y/ECTwitch ____________ Frustrated at every turn by the Whig-controlled Bank of England, Harley and Blunt decide to start their own instution: a trading company that will exchange government debt for stock shares. This new South Sea Company will have a monopoly on trade in the rich new lands of South America, but all the ports there are controlled by Spain, with whom Britain is at war. So Blunt pushes the country into a premature and unfavorable peace with Spain, enlisting famous authors to write his propaganda and convincing Queen Anne herself to tip the balance of Parliament in his favor. After the queen dies and the government changes hands, Blunt kicks Harley and his Tory leaders out of the company. He manages to bring King George I himself on board as a ceremonial leader, linking the success of the South Sea Company with the reputation of the monarchy. But while his maneuvering inflates the value of his company's stock, it's never produced anything close to the amount of money he's convinced people to invest in it. ___________ Get the intro music here! http://bit.ly/1EQA5N7 *Music by Demetori: http://bit.ly/1AaJG4H Listen to the outro music here! http://bit.ly/1ERCS9G __________ James Recommends - City Building Games Across the Ages Anno Series (Dawn of Discovery): http://bit.ly/18mJxPg Extra Credits - How High Costs Drive Players Away from F2P Games Free to Play is Currently Broken: http://bit.ly/1AobnQV
Views: 1198198 Extra Credits
Support us on Patreon! http://bit.ly/EHPatreon Watch the South Sea Bubble series! http://bit.ly/1xfVN9W Subscribe for new episodes every other Saturday! http://bit.ly/SubToEC Follow us on Facebook! http://bit.ly/ECFBPage Follow us on Twitter! http://bit.ly/ECTweet Follow us on Twitch! http://bit.y/ECTwitch ____________ The time has come for Blunt to enact the final act of his scheme: taking on the 31 million pound British debt. When Parliament initially balks at transferring responsibility for that much money to Blunt's insolvent South Sea Company, he bribes them with special deals on his own stock. Despite a legal clause that should have locked the stock price until the company began paying off the debt, Blunt keeps introducing new plans to inflate the stock price and pocket the money for himself. He does everything from selling stocks on layaway to loaning people money so they could buy more stocks from him, creating an artificial demand for South Sea Company stock that drives the company's worth up to 300 million pounds: a staggering ten times the initial value of the already stunning debt it had assumed. His success, founded entirely on speculation with no actual revenue from trade, not only starves out other businesses across Britain but exceeds the total amount of money in the country's entire economy. This bubble can not last. ___________ Get the intro music here! http://bit.ly/1EQA5N7 *Music by Demetori: http://bit.ly/1AaJG4H Listen to the outro music here! http://bit.ly/1ERCS9G __________ James Recommends - City Building Games Across the Ages Anno Series (Dawn of Discovery): http://bit.ly/18mJxPg Extra Credits - How High Costs Drive Players Away from F2P Games Free to Play is Currently Broken: http://bit.ly/1AobnQV
Views: 1092386 Extra Credits
Support us on Patreon! http://bit.ly/EHPatreon Watch the South Sea Bubble series! http://bit.ly/1xfVN9W Subscribe for new episodes every other Saturday! http://bit.ly/SubToEC Follow us on Facebook! http://bit.ly/ECFBPage Follow us on Twitter! http://bit.ly/ECTweet Follow us on Twitch! http://bit.y/ECTwitch ____________ With the South Sea Company's value dangerously inflated, Blunt drives one more scheme to raise stock prices - and it finally backfires on him. Early investors (including the famous politician Robert Walpole) seize the opportunity to sell their stock while the value is high, and the general public finally realizes that the South Sea Company has no actual worth. Everyone who didn't sell their stock in the first round finds themselves suddenly bankrupt as the stock value plummets. Even King George, on vacation when disaster strikes, loses a large amount of the royal fortune. Robert Walpole, however, sees this as an opportunity to make himself a hero of the public. Hiding his own involvement in the South Sea Swindle, he cancels all debts owed for the company's stock to help put its public investors back on their feet. Despite this, the public demands an inquiry and Walpole must walk a thin line between his facade as defender of the people and the reality of his, his party, and the King's blatant corruption. ____________ Get the intro music here! http://bit.ly/1EQA5N7 *Music by Demetori: http://bit.ly/1AaJG4H Listen to the outro music here! http://bit.ly/1ERCS9G __________ Extra History - Rome: The Punic Wars I The First Punic War: http://bit.ly/ExtraHistory Extra Credits - What the Future Really Holds for Games Four Realistic Predictions: http://bit.ly/1Dr7jp9
Views: 987816 Extra Credits
Support us on Patreon! http://bit.ly/EHPatreon Watch the South Sea Bubble series! http://bit.ly/1xfVN9W Subscribe for new episodes every other Saturday! http://bit.ly/SubToEC Follow us on Facebook! http://bit.ly/ECFBPage Follow us on Twitter! http://bit.ly/ECTweet Follow us on Twitch! http://bit.y/ECTwitch ____________ No historian is perfect, so it's important we acknowledge our mistakes where we find them (with the help of our viewers, no less)! After we clear up some discrepancies that emerged during the South Sea Bubble series, we turn to answering some common questions that came up during this series on economic history. In a period where financial masterminds like John Blunt engaged in trickery meant to confuse other people and hide his real activities, it's no wonder that many viewers had questions about what insider trading is and how Blunt could endlessly inflate stock prices for his unprofitable company. This is a history show, but we do our best to explain! As a bonus, James also reads Robert Knight's letter to Parliament on the eve of his illegal flight and tells some cool stories about Robert "It was Me" Walpole. ___________ BONUS! Britain Pays Off the South Sea Company Debt: http://nyti.ms/1Qsc1Yf ____________ Get the intro music here! http://bit.ly/1EQA5N7 *Music by Demetori: http://bit.ly/1AaJG4H Listen to the outro music here! http://bit.ly/1ERCS9G __________ Extra History - Sengoku Jidai: Warring States Japan Battle of Okehazama: http://bit.ly/1IUpYw2 Extra Credits - How High Costs Drive Players Away from F2P Games Free to Play is Currently Broken: http://bit.ly/1BzgbnY
Views: 399560 Extra Credits
The South Sea Bubble is one of the oldest asset bubbles out there and the first ever documented market manipulation example. At first it seemed that the newly formed South Sea Company might put an end to Great Britain's debt problems and Robert Harley, the man in charge of Great Britain's finances, was extremely excited. The South Sea Bubble was possible because people fell for the lies John Blunt fed them about the profitability and potential of the South Sea Company. In reality however, the South Sea Company was anything but a good business and as such, the South Sea Company Asset Bubble ended up leaving a lot of people bitterly disappointed. Just like all other asset bubbles, the South Sea Bubble represents a fascinating lesson when it comes not only to economics but also human nature. Please like, comment and subscribe if you've enjoyed this video. To support the channel, give me a minute (see what I did there?) of your time by visiting OneMinuteEconomics.com and reading my message. Bitcoin donations can be sent to 1AFYgM8Cmiiu5HjcXaP5aS1fEBJ5n3VDck and PayPal donations to [email protected], any and all support is greatly appreciated! Oh and I've also started playing around with Patreon, my link is: https://www.patreon.com/oneminuteeconomics Interested in reading a good book? My first book, Wealth Management 2.0 (through which I do my best to help people manage their wealth properly, whether we're talking about someone who has a huge amount of money at his disposal or someone who is still living paycheck to paycheck), can be bought using the links below: Amazon - https://www.amazon.com/Wealth-Management-2-0-Financial-Professionals-ebook/dp/B01I1WA2BK Barnes & Noble - http://www.barnesandnoble.com/w/wealth-management-20-andrei-polgar/1124435282?ean=2940153328942 iBooks (Apple) - https://itun.es/us/wYSveb.l Kobo - https://store.kobobooks.com/en-us/ebook/wealth-management-2-0 My second book, the Wall Street Journal and USA Today bestseller The Age of Anomaly (through which I help people prepare for financial calamities and become more financially resilient in general), can be bought using the links below. Amazon - https://www.amazon.com/Age-Anomaly-Spotting-Financial-Uncertainty-ebook/dp/B078SYL5YS Barnes & Noble - https://www.barnesandnoble.com/w/the-age-of-anomaly-andrei-polgar/1127084693?ean=2940155383970 iBooks (Apple) - https://itunes.apple.com/us/book/age-anomaly-spotting-financial-storms-in-sea-uncertainty/id1331704265 Kobo - https://www.kobo.com/ww/en/ebook/the-age-of-anomaly-spotting-financial-storms-in-a-sea-of-uncertainty Last but not least, if you'd like to follow me on social media, use one of the links below: https://www.facebook.com/oneminuteeconomics https://twitter.com/andreipolgar https://ro.linkedin.com/in/andrei-polgar-9a11a561
Views: 5641 One Minute Economics
Notes for Economics www.saseassociates.com Next, we will look at the British crisis known as the South Seas Bubble, a crisis that stands as the first major manipulation of financial markets. Until the Crash of 1929, this bubble endured as the classic example of opportunistic self-enhancement. The South Seas Company was formed by Parliament as a British trade concession in 1711. This was a monopoly for areas of the Pacific that were under British rule. The company was a startup firm with no sales and no earnings, only with great prospects. The real prospects centered on market manipulation and insider trading. In the early eighteenth century, Britain had entered its period of imperial prosperity. However, stock ownership remained a matter of privilege that was limited mostly to the aristocracy. Furthermore, women could not inherit land, although females could own stock at that time. A pent-up demand for stock developed because of wide accessibility along with the added benefit that dividends that were paid out of profits went untaxed. Parliament granted the enterprise a monopoly concession along with loaned capitalization of ₤10 million pounds sterling. Publicly unknown at the time, members of Parliament had bought capitalization bonds for South Seas at ₤55. Once the company went public, these investors exchanged each unit for ₤100 of stock in the South Seas Company. However, its inexperienced directors quickly entered into the slave trade, a venture at which they failed. South Seas maintained its stock price in the market despite this misfortune as well as a war with Spain, shipments of goods that were misrouted and lost, and bonuses paid to the directors in a form that diluted the value of shares. Nevertheless, the situation improved in 1719. Britain signed the Peace of Utrecht, a treaty with Spain that enabled British trade with Mexico. Given this newfound prosperity, the directors of South Seas offered to fund the entire British national debt of ₤31 million. Stock prices doubled. Five days after the bill became law, South Seas offered a new issue of stock at ₤300 per share. The company offered a second issue at ₤400. This one rose to ₤550 per share within a month. The directors offered yet another at 10% down, with no payments for one year. Share price continued to rise to ₤1,000. The feasibility of the scheme became secondary as the Greater-Fool Theory took over—speculators would purchase shares, prices would rise, secondary buyers would appear, and the speculators would profit in the after-market. In the summer of 1720, the directors liquidated their own shares. The news of their divestiture leaked out quickly. Share price collapsed and a market panic ensued. The British government narrowly averted the complete erosion of public credit. In response to this threat, Parliament passed the Bubble Act that forbade issuance of stock certificates in any company. In addition, Britain implemented other measures in order to restore confidence. The government confiscated the estates of company directors in an attempt to remunerate South Seas Company investors. Other propositions put forth in Parliament included placing bankers in sacks filled with snakes and throwing them into the Thames River! In summarizing this bubble, let us analyze the events. First, there was a pent-up demand for investment opportunities. Second, the government sponsored a trade-concession monopoly. Third, inexperienced management failed to create any real value for the company. Fourth, war and the entry of new competition exerted external pressures on the firm. Fifth, graft occurred, which involved members of Parliament in an effort to pass legislation that was advantageous to a private company. Sixth, dilutive stock dividends and new (dilutive) stock issues were sold on generous terms and margins while insiders manipulated trading that included the dumping of shares.
Views: 9089 Video Economist
Support us on Patreon! http://bit.ly/EHPatreon Watch the South Sea Bubble series! http://bit.ly/1xfVN9W Subscribe for new episodes every other Saturday! http://bit.ly/SubToEC Follow us on Facebook! http://bit.ly/ECFBPage Follow us on Twitter! http://bit.ly/ECTweet Follow us on Twitch! http://bit.y/ECTwitch ____________ Robert Walpole's attempts to use the South Sea Company scandal to enhance his own ambitions are threatened by the appearance of Robert Knight, a former South Sea employee whose records of corporate bribery implicate Walpole and his friends in Parliament. But faced with threats of retribution if he ever shares these records, Knight flees the country rather than face a public inquiry. Although he gets caught and sent to prison in Antwerp, Walpole deftly engineers his release and escape. With Knight finally gone, Walpole teams up with John Blunt to pin the blame for the South Sea stock bubble on his political opponents, conveniently clearing the way for himself to become essentially the first Prime Minister of England. He also makes sure that all of his own supporters get off easy (if not scot free) for their involvement, and even Blunt walks away from the South Sea Bubble with more money than he started with. ____________ Get the intro music here! http://bit.ly/1EQA5N7 *Music by Demetori: http://bit.ly/1AaJG4H Listen to the outro music here! http://bit.ly/1ERCS9G __________ Extra History - World War I: The Seminal Tragedy The Concert of Europe: http://bit.ly/1pGHnQA Extra Credits - How to Manage Inflation in Virtual Economies MMO Economies: http://bit.ly/1PvIHje
Views: 987282 Extra Credits
John Law's Mississippi Bubble took place in France at pretty much the same time as John Blunt's South Sea Bubble took Great Britain by storm. After the long reign of Louis XIV, France was deeply indebted and desperate. Economist John Law however came up with a scheme and created the Mississippi Company. The Mississippi Company was supposed to benefit from France's alleged riches in the Louisiana region but just like with the South Sea Company, the stories of prosperity surrounding the Mississippi Company were greatly exaggerated. Furthermore, John Law took things one step further than John Blunt and even involved the newly created central bank of France in what ended up becoming the Mississippi scam. As we'll be finding out today, things got complicated quickly. Please like, comment and subscribe if you've enjoyed this video. To support the channel, give me a minute (see what I did there?) of your time by visiting OneMinuteEconomics.com and reading my message. Bitcoin donations can be sent to 1AFYgM8Cmiiu5HjcXaP5aS1fEBJ5n3VDck and PayPal donations to [email protected], any and all support is greatly appreciated! Oh and I've also started playing around with Patreon, my link is: https://www.patreon.com/oneminuteeconomics Interested in reading a good book? My first book, Wealth Management 2.0 (through which I do my best to help people manage their wealth properly, whether we're talking about someone who has a huge amount of money at his disposal or someone who is still living paycheck to paycheck), can be bought using the links below: Amazon - https://www.amazon.com/Wealth-Management-2-0-Financial-Professionals-ebook/dp/B01I1WA2BK Barnes & Noble - http://www.barnesandnoble.com/w/wealth-management-20-andrei-polgar/1124435282?ean=2940153328942 iBooks (Apple) - https://itun.es/us/wYSveb.l Kobo - https://store.kobobooks.com/en-us/ebook/wealth-management-2-0 My second book, the Wall Street Journal and USA Today bestseller The Age of Anomaly (through which I help people prepare for financial calamities and become more financially resilient in general), can be bought using the links below. Amazon - https://www.amazon.com/Age-Anomaly-Spotting-Financial-Uncertainty-ebook/dp/B078SYL5YS Barnes & Noble - https://www.barnesandnoble.com/w/the-age-of-anomaly-andrei-polgar/1127084693?ean=2940155383970 iBooks (Apple) - https://itunes.apple.com/us/book/age-anomaly-spotting-financial-storms-in-sea-uncertainty/id1331704265 Kobo - https://www.kobo.com/ww/en/ebook/the-age-of-anomaly-spotting-financial-storms-in-a-sea-of-uncertainty Last but not least, if you'd like to follow me on social media, use one of the links below: https://www.facebook.com/oneminuteeconomics https://twitter.com/andreipolgar https://ro.linkedin.com/in/andrei-polgar-9a11a561
Views: 8917 One Minute Economics
South Sea Bubble by Charles Mackay. The South Sea Bubble from Popular Delusions and the Madness of Crowds - non fiction audiobook. The South Sea Company was a British joint-stock company founded in 1711, created as a public--private partnership to consolidate and reduce the cost of national debt. The company was also granted a monopoly to trade with South America, hence its name. At the time it was created, Britain was involved in the War of the Spanish Succession and Spain controlled South America. There was no realistic prospect that trade would take place and the company never realised any significant profit from its monopoly. Company stock rose greatly in value as it expanded its operations dealing in government debt, peaking in 1720 before collapsing to little above its original flotation price; this became known as the South Sea Bubble. A considerable number of persons were ruined by the share collapse, and the national economy greatly reduced as a result. The founders of the scheme engaged in insider trading, using their advance knowledge of when national debt was to be consolidated to make large profits from purchasing debt in advance. Huge bribes were given to politicians to support the Acts of Parliament necessary for the scheme. Company money was used to deal in its own shares, and selected individuals purchasing shares were given loans backed by those same shares to spend on purchasing more shares. The expectation of vast wealth from trade with South America was used to encourage the public to purchase shares, despite the limited likelihood this would ever happen. The only significant trade that did take place was in slaves, but the company failed to manage this profitably. A parliamentary enquiry was held after the crash to discover its causes. A number of politicians were disgraced and persons found to have profited unlawfully from the company had assets confiscated proportionately to their gains. The company was restructured and continued to operate for more than a century after the Bubble. The headquarters were in Threadneedle Street at the centre of the financial district in London, in which street today can be found the Bank of England. The Bubble Act 1720, which forbade the creation of joint-stock companies without royal charter, was promoted by the South Sea company itself before its collapse. This was an effort to prevent the increasing competition for investors, which it saw from companies springing up around it. (Adapted from Wikipedia) Time Chapter 0:00:00 Part 1 0:46:08 Part 2 1:17:03 Part 3 Read by hefyd.
Views: 4666 Fab Audio Books
Financial bubbles have popped up throughout modern history—from Dutch tulip mania to the more recent sub prime lending boom. Our cartoonist Kal illustrates what makes them burst. Click here to subscribe to The Economist on YouTube: http://econ.trib.al/rWl91R7 When the price of an asset rises faster than can be explained by economic fundamentals it creates a bubble. Famous bubbles include tulip mania in Holland during the 17th century, when the prices of tulips reached unheard-of levels and the South Sea Bubble in Britain a century later. Here speculators, which included a vast array of citizens including parliamentarians and the King's mistress, drove up the share price of the South Sea Trading Company with disastrous results. There have been many others since, including the dot-com bubble in internet company shares that burst in 2000 and the bubble in house prices which, when it burst in 2007, helped to trigger the recent global economic downturn. Economists argue whether bubbles are caused by the irrational behaviour of crowds, aided in part by savvy speculators, or are the result of misinformed consumers who assume the inflated prices are sensible. Whatever their cause, bubbles do not last forever and often end not with a pop but with a crash. Daily Watch: mind-stretching short films every day of the working week. For more from Economist Films visit: http://films.economist.com/ Check out The Economist’s full video catalogue: http://econ.st/20IehQk Like The Economist on Facebook: https://www.facebook.com/TheEconomist/ Follow The Economist on Twitter: https://twitter.com/theeconomist Follow us on Instagram: https://www.instagram.com/theeconomist/ Follow us on LINE: http://econ.st/1WXkOo6 Follow us on Medium: https://medium.com/@the_economist
Views: 55843 The Economist
Bremner, Bird & Fortune - Silly Money - 1 of 4. 03/11/2008. 4oD wmv converted to m4v via QuickTime, thence uploaded to YouTube.
Views: 46736 RaveemIsmail
In this video I talk about the South Sea Company and the bubble of 1721 and compare it to our present day Central Banker induced fiat money bubble. Donations: bitcoin https://blockchain.info/address/14DUCdB6ZPP3su12VeN1BxWgvMHjAVZJSH paypal.me/maneco64 @maneco64 www.patreon.com
Views: 1528 maneco64
The greatest stock market bubble in history still holds lessons for today. Drawing from his financial research and objects from Yale collections, Professor William Goetzmann, Edwin J. Beinecke Professor of Finance and Management Studies, discusses the finance, art, and culture of the global capital in 1720 and their parallels to the modern era during his lecture at the 2013 Yale Presidential Inauguration Symposium on Friday, October 11, 2013.
Views: 10213 YaleUniversity
Melvyn Bragg and his guests discuss The South Sea Bubble, the speculation mania in early 18th-century England which ended in the financial ruin of many of its investors. The South Sea Company was founded in 1711 with a view to restructuring government debt and restoring public credit. The company would ostensibly trade with South America, hence its name; and indeed, it did trade in slaves for the Spanish market even after the Bubble burst in 1720. People from all walks of life bought shares in the South Sea Company, from servants to gentry, and it was said the entire country was gripped by South Sea speculation mania. When the shares crashed and the company collapsed there was a public outcry and many people faced financial ruin, although some investors sold before the crash and made substantial amounts of money. For example, the bookseller Thomas Guy made his fortune and founded a hospital in his name the following year. But how did such a financial crisis develop and were there any lessons learnt following this early example of a stock market boom and bust? With: Anne Murphy Senior Lecturer in History at the University of Hertfordshire Helen Paul Lecturer in Economics and Economic History at the University of Southampton Roey Sweet Head of the School of History at the University of Leicester Producer: Natalia Fernandez.
Views: 382 BBC Podcasts
Это видео является переводом англоязычной исторической документалки "England: South Sea Bubble" с канала "Extra Credits" https://www.youtube.com/watch?v=k1kndKWJKB8 Роберт Харли становится Канцлером Казначейства Великобритании. Он проводит бухгалтерский учёт задолженностей правительства и обнаруживает, что страна погрязла в долгах. Политическая борьба между партиями Тори и Вигов в парламенте Великобритании делает невозможным изменение налогового законодательства. Центробанк Англии используется Вигами как административный ресурс и отказывается выручать правительство. Иностранные займы недоступны по причине сложных международных отношений Британской империи с другими странами Европы в 18 веке. Пытаясь спасти страну и набить собственные карманы, Роберт Харли и Джон Блант вынуждены прибегнуть к финансовым схемам, даче взяток и лоббизму.
Views: 183 Образовательные Переводы
Created by VideoShow:http://videoshowapp.com/free
Views: 94 Mohammed Saemdahr
If you ever thought financial bubbles are fascinating and wondered what types of bubbles have occurred through out history, this video will show you the top 5 and teach what exactly happened... Number 1: The Tulip Bubble Number 2: The South Sea Bubble Number 3: The Mississippi Bubble Number 4: The Dot com Bubble Number 5: The United States Housing Bubble My music | http://burnwater.bandcamp.com
Views: 2004 New Wall St.
"Wagnisse": Ringvorlesung des Historischen Instituts im Wintersemester 2015/16 - 25.11.2015
Views: 866 UDEchannel
In 1720 a rash of market speculation (or stock-jobbing as it was called at the time) swept through England. Everyone, it seemed was desperate to get their hands on stock in The South Seas Company. Within the span of a year the bubble had rapidly expanded and even more rapidly burst. But what was The South Sea Company, what caused the bubble, and what does any of it have to do with Louisiana? All these questions and more are answered in this episode of Bad Ideas! || More Human Echoes stuff: http://humanechoes.com || Become a member for BONUS PODCASTS: http://bit.ly/1NkSWnQ || Patreon: https://www.patreon.com/HumanEchoes Bad Ideas Podcast on iTunes: http://apple.co/2yrDfyx Buy some T-shirts: http://bit.ly/1NetNNP Follow us on Mixer for all of our live streams: https://Mixer.com/HumanEchoes Listen to Bad Ideas: https://youtu.be/8RDb6jlY_4A Watch Dirt Block: https://youtu.be/MfdHU-E_N70 Watch Dwarf Fortress: https://youtu.be/H2KR9Ny4iy8 You can also follow the Human Echoes Peeps on Twitter! @HumanEchoes @tsouthcotte @albert_berg @josephdevon @ManicPix
Views: 88 Human Echoes
Using historical episodes—the South Sea bubble, the extraordinary rise of stock prices during the roaring twenties, the Internet bubble, and the recent credit bubble—José Scheinkman illustrated three stylized facts concerning asset price bubbles: that asset price bubbles coincide with increases in trading volume, that bubble deﬂation seems to correspond with increases in an asset’s supply, and that asset price bubbles often occur in times of ﬁnancial or technological innovation. If you experience technical difficulties with this video or would like to make an accessibility-related request, please send a message to [email protected]
Views: 2583 Becker Friedman Institute at UChicago - BFI
Early stock markets, tulips, and the South Sea Bubble. Image credits: https://commons.wikimedia.org/wiki/File:ONL_(1887)_1.472_-_Jonathan%27s.jpg https://commons.wikimedia.org/wiki/File:Flag_of_the_Dutch_East_India_Company.svg https://commons.wikimedia.org/wiki/File:50-Cent-Signo-del-Zodiaco-Cancer-2.jpg https://pixabay.com/en/tulips-tulip-bed-colorful-color-52126/ https://pixabay.com/en/tulip-flower-spring-pink-tulips-328428/ https://commons.wikimedia.org/wiki/File:Jan_Brueghel_the_Younger,_Satire_on_Tulip_Mania,_c._1640.jpg https://commons.wikimedia.org/wiki/File:Jean-L%C3%A9on_G%C3%A9r%C3%B4me_-_The_Tulip_Folly_-_Walters_372612.jpg https://commons.wikimedia.org/wiki/File:South_Sea_Bubble.jpg https://commons.wikimedia.org/wiki/File:South-sea-bubble-chart.png Thank you to all our Patreon supporters! Please check out our Patreon: https://www.patreon.com/TheEndlessKnot Endless Knot merchandise can be found in our store: http://www.cafepress.ca/endlessknot Website: http://www.alliterative.net/ Blog: http://www.alliterative.net/blog Twitter: https://twitter.com/alliterative Facebook: https://www.facebook.com/alliterativeendlessknot Google Plus: https://plus.google.com/115113245513532543153/about Tumbler: http://alliterative-endlessknot.tumblr.com/ SoundCloud: https://soundcloud.com/alliterative Podcast: http://www.alliterative.net/podcast or https://itunes.apple.com/ca/podcast/endless-knot-podcast-endless/id1016322923?mt=2 Click here to sign up for our video email list, to be notified when new videos are posted: http://eepurl.com/6YuJv Click here to sign up for our podcast email list, to be notified when new podcast episodes go up: http://eepurl.com/btmBZT Transcript: Welcome to the Endnotes, where I put all the fun facts I can’t fit into the main videos! Today, some extra bits of information from my videos about the word Average and the history of insurance — and if you haven’t seen those yet, click on the card. In my series on “Average” I covered the origins of the insurance industry, and along the way I mentioned that the first English stockmarket started around the same time as insurance markets—in the late 17th century. But that wasn’t the world’s first stockmarket—that was established in Amsterdam in 1602 by the Dutch East India Company. And so in this video I’m going to briefly look at a couple of the consequences of that market. With all the money coming in from the Dutch East India Company, there was a lot of money to go around in the Netherlands. And when people start getting rich, inevitably they want to have status symbols. The status symbol in this case was the Tulip which had arrived in Europe by way of Turkey, so another contribution from the Islamic world to Europe. The name itself is also from Turkish (so this time not Arabic in origin). The word tulip is etymologically related to the word turban, from the notion that the flower’s shape resembles a turban. Turkish tülbent “turban” comes in turn from Persian dulband “turban”. So the tulip became very popular in the Netherlands in the 1630s, and because the tulip bulbs took a long time to produce, demand outstripped supply, and the price of the tulip shot up. Soon enough people began to buy tulips not to plant them but as an investment, hoping to sell them on for profit, and eventually this began to happen on paper only as contracts, what we would now call futures contracts, with tulip bulbs and actual money rarely passing between them. As with all market bubbles, the high prices eventually collapsed, but this in fact seems to be the first example of a market bubble. And then, back in England in the early 18th century, we see the first instance of market manipulation. The South Sea Company was created in a scheme to consolidate and reduce the cost of national debt. The company was granted a trade monopoly with South America, but the founders of the company themselves had no actual belief or intention that anything would come of this monopoly—it was, indeed, an out-and-out fraud! Nevertheless, people were seduced by the company’s promises and the idea of getting rich off trading with the exotic new world, and the stock price soared before inevitably crashing. Many were ruined by the collapse and many were implicated in the scheme, but ultimately the event led to the Bubble Act passed by British Parliament which forbade the formation of any other joint-stock companies unless approved by royal charter. As always, you can hear even more etymology and history, as well as interviews with a wide range of fascinating people, on the Endless Knot Podcast, available on all the major podcast platforms as well as our other YouTube channel. Thanks for watching!
Views: 492 Alliterative
It was one of the most sensational get-rich-quick schemes heard of in a long time, but it eventually burst over the head of its originator, John Law. This "rags to riches to rags" story, in which the plan was to open a bank and exchange banknotes (paper!) for gold at wildly inflated share prices, ends when John Law, having been cleaned out as a result of a rush to cash in the notes, is left broke and broken-hearted. For more background information on this film, visit the NFB.ca blog: http://bit.ly/m5Crzu Directed by Richard Condie - 1978
Views: 48388 NFB
Shares of the "South Seas Companies" in 1720 The war between England and France for the Spanish inheritance led in 1710 to the actual bankruptcy of Great Britain. The public debt = 50 million pounds (the country's annual income 4 million) 1713 year - Utrecht world + "acento" (you can sell 5,000 slaves in Spanish America) Reg-I private "Company of the South Seas" + right "askento" (from the government) Issue of shares provided by agreement with the government ("asento") Financial PYRAMID: money is paid to shareholders at the expense of the following shareholders. 1720. A 100 pound share was worth 1,000 pounds. The shares were sold for 500 million (in Europe at the time, the total amount of cash was 100 million). BUBBLE… "The South Seas Company" offers its shares not only for money, but also for debt bonds of the state loan (it purchases state debt). After that, BANKRUPT .... Instagram @alekssandr_popov
Views: 35 Aleksandr Popov
[To download a free worksheet (+ KEY + Script) just click here: https://drive.google.com/file/d/0ByC3QwWZuGXdbUNrQjJUSE0taFU/view?usp=sharing] How do you mark students' essays? You start by looking at the content -- the ideas, right? Then come questions of organization / structure and finally we look at language -- systematic errors, careless mistakes etc... In this fantastic clip which I believe should be compulsory viewing for all language teachers, the student (T. Suitor) has found himself in hot water as his progress has been 'disappointing'... The Headmaster pulls no punches as he gives him a good talking to... Level: C1 -- C2 Topic: Education Taken from the BBC Series 'Not the Nine O'clock News' [NB: I do not own the copyright to this video clip. I have uploaded it here for educational purposes]. SCRIPT [H: Headmaster, S: Suitor] H: Suitor, when you first came to this school, we took you on account of a most entertaining essay you wrote about a parrot that belonged to your aunt. S: Ah, yes, sir. H: Since then, your progress has been ... disappointing. I have here your exam papers from this year. Let's take a look at the general paper, shall we? Question 1 was "Write an essay about 'Perseverance'". S: Yes, sir. H: Do you remember how you began this essay, Suitor? S: Eer, no, sir. H: Read this, it'll help. S: [Reads]: "General Paper, Final Exam. T. Suitor. Autumn 1980, Subject: "Perseverance". H: Yes, get on with it. S: [Reads]: "My aunt, who I live with, has a parrot called 'Perseverance'. * One day.... H: Yes, and you proceeded to tell exactly the same story you told when you arrived at this school. * S: Yes, sir. H: Here's a slightly different one: History, Question 5. S: [Reads] "What was notable about the late 50's?" H: And your answer? [Reads] "My aunt, who I live with, used to have a parrot called '50's' * who is now dead. The most notable thing about ... the late 50's... was his enormous appetite.." * And Question 7. S: [Reads]: "Describe the South Sea Bubble, and its effect on investment". H: Go on. S: [Reads]: "The 'South Sea Bubble' was a large goldfish * and its effect on 'Investment' which was a parrot owned by my aunt, * who I live with... H: SUITOR!! Do you think I am some sort of cretin?? Do you think I haven't noticed?? * It's "WITH WHOM I LIVE"!! ** "My aunt WITH WHOM I LIVE" - not "who I live with"....
Views: 42039 Nick Michelioudakis
The South Sea Company was a British joint stock company that traded in South America during the 18th century. Founded in 1711, the company was granted a monopoly to trade in Spain's South American colonies as part of a treaty during the War of Spanish Succession. In return, the company assumed the national debt England had incurred during the war. Speculation in the company's stock led to a great economic bubble known as the South Sea Bubble in 1720, which caused financial ruin for many. In spite of this it was restructured and continued to operate for more than a century after the Bubble. The headquarters were in Threadneedle Street. www.reverbnation.com/label/recmusic
Views: 496 Ewan Rollo
The litany of great financial scandals is long, and sadly unending. Dickens himself covers scandals we would recognise today in Little Dorrit and Nicholas Nickleby. Beyond Dickens, the South Sea Bubble (of course), railway shares, bonds in newly independent countries (Kingdom of Poyais), never again... IOS, Saavundra, Rolls Razor, Bank of Gibraltar, BCCI, never again... endowment mortgages, Barlow Clowes, Equitable Life, Maxwell, Lloyd's names, Lehman Brothers, payment protection insurance, never again... This symposium seeks, through the ghosts of scandals past, present and future, to see what lessons we can learn and to assess which is rosier, the future of finance or of financial scandals. The transcript and downloadable versions of the lecture are available from the Gresham College website: http://www.gresham.ac.uk/lectures-and-events/what-the-dickens-the-citys-great-financial-scandals-past-and-future Gresham College has been giving free public lectures since 1597. This tradition continues today with all of our five or so public lectures a week being made available for free download from our website. There are currently nearly 1,500 lectures free to access or download from the website. Website: http://www.gresham.ac.uk Twitter: http://twitter.com/GreshamCollege Facebook: http://www.facebook.com/pages/Gresham-College/14011689941
Views: 4803 Gresham College
South Sea Bubble by Charles Mackay. The South Sea Bubble from Popular Delusions and the Madness of Crowds - non fiction audiobook. The South Sea Company was a British joint-stock company founded. Part 1 of Memoirs of Extraordinary Popular Delusions and the Madness of Crowds Volume 1 by Charles MACKAY (1812 - 1889). Complete unabridged audiobook The book chronicles and vilifies its.
Views: 7 Sydney Mariela
How do regulators try and prevent bubbles such as the South Sea Bubble and Mississippi Scheme? What are the unintended consequences of regulatory responses? A lecture by Dr D’Maris Coffman, University College London 07 February 2019 6pm (UK time) https://www.gresham.ac.uk/lectures-and-events/bubbles-market-failures-regulatory-responses Although financial bubbles are in some sense banal and a feature of financial capitalism, the seeds of the next bubble are often sown by regulatory responses to previous ones. This has been the case since the South Sea Bubble and Mississippi Scheme, and has recurred at regular intervals in the intervening 300 years. This lecture explores how regulators try to prevent what will hopefully be the ‘last’ bubble and suggests that the most effective regulatory frameworks were developed during the normal operation of markets, not in response to crises.
Views: 524 Gresham College
The South Sea Company (SSC) was founded in 1711 to do trading with South America and it came to be known as one of the biggest frauds in history. It was doomed to fail from the beginning, but desperation and greediness knows no limits. Due to the ties the SSC had to the government, people believed it to be fully legit but alas they were wrong.
Views: 6 Historeasy Historeasy
Official upload from: "Commodities & Pavement" by The Black Dog Label: Dust Science Catalogue: dustv050 Year: 2015 Info: http://www.dustscience.com/live/releases/dustv/commodities-pavement Buy: http://www.duststore.com/product/downloads/commodities-pavement The Black Dog: http://www.theblackdogma.com
Views: 489 Dust Science
the three escaped crooks end up in the piranazon where sharky and george follow them
Views: 2309 claudiatannahill