Podcasts about south sea bubble

Play Episode Listen Later Apr 6, 2021 48:43

south sea bubble

The South Sea Bubble of 1720

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Play Episode Listen Later Mar 30, 2021 48:46

The London stock market boomed and crashed in 1720. The financial bubble is known to posterity as the South Sea Bubble. In the three hundred years since, the bubble has been much misunderstood - this lecture separates fact from myth and aims to move beyond simplistic ideas of "gambling mania".A lecture by Dr Helen Paul 30 MarchThe transcript and downloadable versions of the lecture are available from the Gresham College website: https://www.gresham.ac.uk/lectures-and-events/south-sea-bubbleGresham 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 over 2,000 lectures free to access or download from the website.Website: http://www.gresham.ac.uk Twitter: http://twitter.com/GreshamCollege Facebook: https://www.facebook.com/greshamcollege Instagram: http://www.instagram.com/greshamcollege

Money For Nothing - The Making & Unmaking Of Modern Finance

The FS Club Podcast

Play Episode Listen Later Mar 1, 2021 49:51

Find out more on our website: https://bit.ly/3zf589F Longlisted for The Financial Times and McKinsey business book of the year award, Money for Nothing dives into the most famous financial scandal in the history of modern capitalism, the South Sea Bubble. The South Sea Company had been formed to trade with Spanish America. But it had almost no ships and did precious little trade. Instead it got into financial gambles on a massive scale, taking over the government's debt and promising to pay the state out of the money received from the shares it sold. And how they sold. In the summer of 1720 the share price rocketed and everyone was making money. Until the carousel stopped, and thousands lost their shirts. This account of the South Sea Bubble is not just the story of a huge scam, but is also the story of the birth of modern financial capitalism. These dreamers and fraudsters may have bankrupted Britain, but they made the world rich. Speaker: Tom Levenson is Professor of Science Writing at the Massachusetts Institute of Technology, teaching mostly in the Graduate Program in Science Writing. He has recently published his newest book, Money for Nothing, June, 2020, on the South Sea Bubble, the Scientific Revolution, and the birth of the modern idea of money. Levenson's career has been split between writing, mostly long-form but including some science journalism, and documentary film making, emphasizing books for the last decade. One of his most recent work is The Hunt for Vulcan, (Random House, 2015), short-listed for the Royal Society's science book award. It's a cautionary tale of the discovery and undiscovery of a planet that should have been there, but wasn't. His Newton and the Counterfeiter (Houghton Mifflin Harcourt, 2009) centers on Isaac Newton's second career as a real-world scientific detective. Einstein in Berlin, (Bantam, 2003, reissued in 2017 by Random House in its first electronic book), is a critically acclaimed account of Albert Einstein's eighteen years in the German capital.

RenMac Legends: Anatomy of the South Sea Bubble with Prof. Odlyzko

RenMac Off-Script

Play Episode Listen Later Feb 27, 2021 53:36

300 years ago in London, the South Sea Bubble was deflating. It created vast fortunes for a few like Thomas Guy who used it to establish the eponymous Hospital in London, and financial disaster for other like Sir Isaac Newton who was lured back into the waters only to lose a fortune for himself and others. Professor Andrew Odlyzko from the University of Minnesota has studied the South Sea Bubble, what was happening, its characteristics and what we can learn from it, here's our conversation.....

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#47 Trevor Neil - GameStop, Average Joe's vs. Big Money & The Madness of Crowds

Play Episode Listen Later Feb 11, 2021 112:26

Today I welcome back Trevor Neil, a trader for over 50 years having started out trading commodities with Merrill Lynch in the mid 1970's. We first spoke in April last year, and Trevor has since appeared on the show to discuss his innovative, new trading product, the RRG UK Momentum+ - links to both of these interviews can be found below.During today's episode, we discuss the market mania surrounding GameStop, the relationship between a rapidly growing group of ‘Average Joe' traders and their Big Money counterparts, as well as the ‘madness of crowds', and whether similarities exist between this latest phenomenon and events like the South Sea Bubble. Hope you enjoy the episode!My interview with Trevor back in April 2020:https://podcasts.apple.com/gb/podcast/3-trevor-neil-v-shaped-market-revival-next-big-thing/id1504694129?i=1000471076493And Trevor's more recent appearance, can be found here: https://podcasts.apple.com/gb/podcast/44-trevor-neil-exclusive-the-rrg-uk-momentum/id1504694129?i=1000506056412 Want further Opto insights? Check out our daily newsletter: https://www.cmcmarkets.com/en-gb/opto/newsletter

Drinks With The Deal: MIT's Will Deringer

The Deal

Play Episode Listen Later Jan 28, 2021 39:56

MIT historian of finance Will Deringer talks about what he learned from his time as a Blackstone analyst, Michael Milken and early spreadsheet programs, the South Sea Bubble and the many uses of present value in this week's episode of Drinks With The Deal.

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ReSolve Riffs on 'Bubbles, Manias & Fraud' with Jamie Catherwood

Resolve's Gestalt University

Play Episode Listen Later Dec 23, 2020 76:14

This is “ReSolve’s Riffs” – live on YouTube every Friday afternoon to debate the most relevant investment topics of the day. 2020 has been a year like no other in living memory. Though the global pandemic has obviously been the most important story of the year (and quite possibly of a generation), stocks have rallied to new all-time highs, companies have raised record amounts of capital and the technology sector has minted a handful of TRILLION-dollar firms. Though some investors find this fitting with the ‘new normal’, others are convinced this is the ‘mother of all bubbles’. To make sense of these unusual times, there’s nothing like a good dose of historical perspective. For the final show of the year, financial historian Jamie Catherwood (O'Shaughnessy Asset Management & Investor Amnesia) joined us for a great conversation that included: The origins of capital markets and its countless manias The South Sea Bubble, John Law and the Mississippi Company Why the history of the Dutch Tulip Mania has been widely exaggerated Charlie Munger’s three I’s – innovators, imitators and idiots How wars invariably lead to periods of low interest rates (and eventually bubbles) Yield-seeking in the 18th and 19th century – and plenty of sovereign debt defaults Jamie shared numerous interesting anecdotes that seem to draw clear parallels to the current environment – which has been described by some as ‘the golden age of fraud’. You can find more of these in his new course. Happy Holidays! Thank you for watching and listening. See you in January.

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Reducing Investment Risk amidst Increasing Chaos

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Play Episode Listen Later Dec 1, 2020 58:08

David McAlvany and Dr. Quinton Hennigh return. As we end the insanity of 2020, what might be in store for 2021? A growing number of proponents of Modern Monetary Theory (MMT) suggest that wealth can be created via central bank printing presses and computer key strokes. But a more primitive MMT policy was tried in John Law's South Sea Bubble with disastrous results. With history firmly demonstrating that there are no free lunches, why do economists and politicians insist this time its different? With COVID-19 accelerating growing levels of insolvency, what might be in store for stock, bond, commodity and precious metals markets in 2021 as massive numbers of bankruptcies appear on the horizon? We will ask David to opine and tell us how McAlvany Wealth Management is structuring its investments for the new year. Dr. Hennigh will update us on Lion One Metals' emerging worldclass alkaline gold deposit in Fiji.

Reducing Investment Risk amidst Increasing Chaos

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Play Episode Listen Later Dec 1, 2020 60:00

David McAlvany and Dr. Quinton Hennigh return. As we end the insanity of 2020, what might be in store for 2021? A growing number of proponents of Modern Monetary Theory (MMT) suggest that wealth can be created via central bank printing presses and computer key strokes. But a more primitive MMT policy was tried in John Law’s South Sea Bubble with disastrous results. With history firmly demonstrating that there are no free lunches, why do economists and politicians insist this time its different? With COVID-19 accelerating growing levels of insolvency, what might be in store for stock, bond, commodity and precious metals markets in 2021 as massive numbers of bankruptcies appear on the horizon? We will ask David to opine and tell us how McAlvany Wealth Management is structuring its investments for the new year. Dr. Hennigh will update us on Lion One Metals’ emerging worldclass alkaline gold deposit in Fiji.

27. The South Sea Bubble

London History

Play Episode Listen Later Oct 22, 2020 21:44

London's history has been punctuated by financial crises such as the dot com bubble and the 2008 Crash. But perhaps one of the most famous crisis in London was The South Sea Bubble in 1720. Let's get to the bottom of this early 18th century crises with City of London Tour Guide, Ian McDiarmid and London Tour Guide, Hazel Baker. Learn things about London that most Londoners don't even know in a 20 minute espresso shot episode of London history with a splash of personality. There's so much we can't fit into our tours, no matter how hard we try. This London history podcast is where we can get down and dirty with the detail! You're not going to find this level of detail in any guidebook. Let us know if there's a particular person, event or place you want to know more about in our podcast. Send us your suggestion / request. Rate, Review & Subscribe on Apple Podcasts. Show notes, including transcript, photos and recommended reading: www.londonguidedwalks.co.uk/027-the-south-sea-bubble --- Send in a voice message: https://anchor.fm/londonguidedwalks/message

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Versus History #101 - Tom Levenson & 'Money for Nothing' - The South Sea Bubble of 1720

Versus History Podcast

Play Episode Listen Later Sep 11, 2020 51:49

In this episode of the @VersusHistory Podcast, we are delighted to interview Thomas Levenson, Professor of Science Writing at the Massachusetts Institute of Technology (MIT). His new book ‘Money for Nothing' is the remarkable tale of the world’s first-ever financial crash, which took place 300 years ago, in the year 1720. It tells the captivating stories of a host of entertaining characters who became caught up in the world’s first financial bubble; with luminaries such as Daniel Defoe, Alexander Pope and even Isaac Newton losing out in a scheme that was ‘too good to be true’. ‘Money for Nothing’ explores how the scientific revolution extended to matters far beyond the flight of a cannonball or the dynamics of the tides, extending into the idea that empiricism and maths could make sense of everyday life; and how the invention of modern ideas about money both made the world rich and expose us to predictable hazards that we have, to date, three centuries on, failed to fully prepare for. The South Sea Company was formed to monopolize trade with Spain’s American colonies. But it had almost no ships and did precious little trade. So it turned its hand to playing money games, until, in 1720, it launched the first great stock market boom, fraud and bust, in what is now remembered as the South Sea Bubble. The financial engineering pioneered in the Bubble didn’t go away. Instead, it evolved into the same kinds of market manipulation that brought the world’s economy crashing down in 2008. In the moment, though, it all seemed to work brilliantly. Exactly 300 years ago, in June 1720, South Sea shares hit their peak, a ten-fold gain. Britain’s punters—up to and including the King’s mistresses—had grown incredibly, impossibly rich—on paper. And then the carousel stopped and thousands lost their shirts. Isaac Newton, the Duke of Portland (England’s richest man) and others lost heavily. Tom Levenson's superb account of the South Sea bubble dissects that huge scam—but that tale isn’t just a disaster story. It is also the story of the birth of modern ﬁnancial capitalism: the idea that you can invest in future prosperity and that governments can borrow money to make things happen, like funding the rise of British naval and mercantile power. These dreamers and fraudsters may have ruined Britons, but they made the world rich. For terms of use, please visit www.versushistory.com

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The South Sea Bubble, Part 2: Knight Flight and Cover Up.

Boom & Bust

Play Episode Listen Later Sep 9, 2020 42:12

In this episode, we cover the implosion of the South Sea Co. amid an outbreak of the plague in France, and put it into its context internationally. The affair threatened the throne of George I and prompted a frantic cover-up on the part of the government after the man who was potentially a star witness fled with a green-covered ledger containing the names of those who'd benefitted illicitly. The affair was also the key to the return to the top of Robert Walpole, who used it to devastating effect.

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Money for Nothing in the South Sea Bubble: Thomas Levenson (1720)

Travels Through Time

Play Episode Listen Later Aug 25, 2020 49:57

In this episode of Travels Through Time, the writer Thomas Levenson guides us back to the scene of one the first and most devastating of all stock market crashes, an event that traumatised Georgian Britain: the South Sea Bubble. The subject matter, the scenes and characters that feature in this episode come from Levenson's new book, Money for Nothing. Much more information is to be found at tttpodcast.com Thomas Levenson is Professor of Science Writing at the Massachusetts Institute of Technology. Show notes Scene One: 22 January, 1720: John Aislabie, Chancellor of the Exchequer, rises in the House of Commons to present the South Sea deal to the members. Scene Two: A Sunday in May, 1720. Daniel Defoe goes to church and witnesses the ‘South Sea’ hysteria. Scene Three: 20 December, 1720, the House of Commons. Robert Walpole decides the fate of the speculators. Memento: A pocket watch made in the year 1720 People/Social Presenter: Peter Moore Guest: Thomas Levenson Editorial: Artemis Irvine Producers: Maria Nolan Titles: Jon O Follow us on Twitter: @tttpodcast_ Podcast Partner: ColorGraph So much more at: tttpodcast.com

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The South Sea Bubble, Part 1: The Hollow Sword Blade Company

Boom & Bust

Play Episode Listen Later Aug 24, 2020 35:05

John Blunt, Robert Knight and their associates used the Hollow Sword Blade Co. as the vehicle driving the South Sea Co., an entity that was set up to rationalize the British government's debts but which turned into a gigantic fraud that almost brought down the ruling dynasty. The story is well known but how many people know what really happened and how it all blew up? Join me as we find out what really went down and try to put some flesh on the bones of a story of financial greed and political ineptitude.

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Episode 71 - When the bubble burst: The South Sea Company stock market crash

The English Heritage Podcast

Play Episode Listen Later Aug 6, 2020 43:56

This week we're marking 300 years since one of the most infamous stock market crashes in English history. It was a bubble fuelled by wild speculation and driven by dubious morals – and a bubble which ruined the fortunes of many investors, including some whose estates are now cared for by English Heritage. Joining us to discuss the South Sea Company stock market bubble – and crash – are properties historians team leader Dr Andrew Hann and Dr Helen Paul, who's a Lecturer in Economics and Economic History at the University of Southampton. To learn about the impact of the South Sea Bubble at Brodsworth Hall and Gardens in South Yorkshire, go to www.english-heritage.org.uk/visit/places/brodsworth-hall-and-gardens/history

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The Slingshot!

Play Episode Listen Later Aug 4, 2020 59:12

Dan Oliver, Michael Oliver and Dr. Quinton Hennigh are this week's guests. Alasdair Macleod has often made the comparison of America's rapidly declining financial status with that of the French-originated South Sea Bubble. Similar to the U.S. stock market greed now, market greed in France ran unchecked until the system broke down. Then, for fear of his life, John Law the originator of the French get-rich-quick scheme had to sneak out of France disguised as a woman. But his partner Richard Cantillon, recognized the flaw in Law's dishonest scheme and sold short at the top of the market. The South Sea Bubble is clearly a warning to Americans to exit the current financial markets that are being fueled by the same Kool-Aid-drinking mentality as that of the 1720 South Sea Bubble. Michael returns to update us on his latest view on gold and silver and Quinton will update us on some amazing developments with Novo Resources in Western Australia.

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The Slingshot!

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Play Episode Listen Later Aug 4, 2020 59:12

Bubbles Always Burst

Talking Real Money

Play Episode Listen Later Jul 20, 2020 38:18

In this episode we look back at past financial bubbles from the South Sea Crisis of 300 years ago to the real estate bubble of 2008.What are some of the better options for estate planning?Does it make sense to invest in a list of market sectors?The big question: What should you be doing with your money, now?

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Investment Bubbles in History: Interview with Dr. Andrew Odlyzko

Dead People's Money

Play Episode Listen Later Jun 30, 2020 52:34

Interview with Dr. Andrew Odlyzko (U. of Minnesota) about investment bubbles, the Nigerian prince scam's long history, and how to know when investors are gullible. 0:05 Intro 3:05 How a landscape painter arbitraged snooty aristocrats 6:40 Isaac Newton's stock losses (the real story) 11:50 the South Sea Bubble 21:28 Investment bubbles in history 25:43 the South sea bubble wasn't THAT crazy after all 29:45 An investment “of great advantage, but no-one to know what it is” 32:16 could we create a gullibility index? 33:48 the Nigerian prince scam pre-dates the internet 36:50 Why trust is key in bubbles 37:01 2 types of bubbles 40:31 Is failure good for society as a whole? 48:50 Conversations over coffee: explain what's important *Dr. Andrew Odlyzko is Professor of Mathematics at the University of Minnesota. *Find his most recent writings about Isaac Newton and the South Sea Bubble here: https://physicstoday.scitation.org/journal/pto *His website is here: http://www.dtc.umn.edu/~odlyzko/ *A list of his writings on financial history are here: http://www.dtc.umn.edu/~odlyzko/doc/bubbles.html

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What is The Future of the Dollar System & Gold?

Turning Hard Times Into Good Times

Play Episode Listen Later Apr 15, 2020 56:24

Ronald Peter Stöferle and Michael Oliver Return while Ewan Downie is a first-time guest. Alasdair Macleod has warned that the Fed with its Modern Monetary Theory, (which isn’t at all modern but reminiscent of the destructive South Sea Bubble orchestrated by John Law 100 years ago) is in the process […]

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What is The Future of the Dollar System & Gold?

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Play Episode Listen Later Apr 14, 2020 56:24

Ronald Peter Stöferle and Michael Oliver Return. Ewan Downie visits for the first time. Alasdair Macleod has warned that the Fed with its Modern Monetary Theory, (which isn't at all modern but reminiscent of the destructive South Sea Bubble orchestrated by John Law 100 years ago) is in the process of hyperinflating the dollar out of existence. The obvious substitute for rapidly depreciating currency is gold. Few people are better able to give us a sense of what is transpiring in the gold markets during this still dollar-centric global monetary system than Ronald. He is recognized internationally for his expertise in the world of gold. Ewan Downie who heads Premier Gold Mines will visit for the first time to help listeners understand about value that is very much unrecognized by the markets and Michael will offer his always astute Momentum and Structural analysis of the gold and other major markets.

Trading Five Percenters

TalkingTrading

Play Episode Listen Later Mar 16, 2020 22:36

Gil Ben Hur on being Zen in the markets and key mental tools. Chris Tate on the nature of mania and The South Sea Bubble. Gil Ben Hur Gil and I had a fantastic conversation on managing risk in an unexpected environment and key mental tools to use when trading. Ever felt taking losses in trading is almost an inhuman task? Gil explains the psychology behind it (12.15 mins) and how we are all trained to be winners in life. At (16.25mins) we talk on the hardest challenges for traders who work from home and don’t have the advantage of a professional trading environment. Traders have to be prepared to not know the outcome of their trades every day and that darn thing called the human ego gets in the way. Gil then describes some key attributes of successful traders (17.45 mins). You will love this part. Gil says good traders are egoless, they have a ZEN personality, they have self-awareness, they are sensitive to the waves of the market they are riding, they are effective listeners of the market, and they approach the market with calmness and patience. To find out more about Gil and The5ers trading and growth program go to: www.the5ers.com. Gil offers a program for traders who feel mature and ready to trade as professionals and for a fund. Chris Tate - South Sea Bubble With Corona Virus on the war path, Chris Tate takes a look at the history of mania and busts and the South Sea Bubble. Louise Bedford - Unsung Hero Our unsung hero today is Angus Mitchell. Angus has had an amazing career as medico but he has never relied on the halo effect in his trading, consequently, he has developed an effective side hustle and a spring in his step.

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Lessons from the past – The South Sea Bubble and the early days of financial alchemy!

Finance & Fury Podcast

Play Episode Listen Later Feb 13, 2020 21:26

Welcome to Finance and Fury, The Furious Friday Edition Today - Lesson from the past – Story of Financial alchemy in its early days Specifically – turning debt into equity – i.e. financial alchemy Story Starts - In 1700s the English Crown had amassed massive debts – all from fighting wars with the French and Spanish, also a massive civil war – along with colonialist intentions – When in August 1710 Robert Harley was appointed Chancellor of the Exchequer Position - senior official within the Government of the United Kingdom and head of Her Majesty's Treasury When he took over – got a bit of a shock - £5,000 in assets - £9,000,000 in debt – to give an idea of this size – that debt is still being paid down – last announcement in 2015 Politically – things were also a mess - At the time – two parties – Tory’s and the Wigs – very bipartisan who couldn’t get anything done – raising taxes to pay this was out – so turned to the Bank of England The government had already become reliant on the Bank of England – back then up until around 30 years ago - a privately owned company BOE was chartered in 1694 – chartered 16 years previously by the Wigs, which had obtained a monopoly as the lender to Westminster - in return for arranging and managing loans to the government But in this time period – the Tory party was in power – so the Wig controlled BOE was offering massive rates – and the government had become dissatisfied with the service it was receiving and Harley was actively seeking new ways to improve the national finances Couldn’t raise funds from other European nations – was at war with most – so turned to John Blunt – was a crafty man Blunt saw this as an opportunity to make himself filthy rich – dreamed up a scheme – Back Story on Blunt - Before this moment in time – Blunt had a company Hallow Sword Company – monopoly of selling swords to Gov and the army – Cooked up a scheme in the past – wanted to buy land in Ireland which was owned by the government – but needed funds – so he had a plan – trade share in hallow sword company at under market value for army debentures (debt) – but can’t repossess the debentures – so made them technically worthless – but knew that the offer to do a swap at under market value would be massively in demand – and increase the price of the army debentures – so before he announced this scheme – he went out and bought massive amounts of these army debentures – Then he announced so the value of the debentures went through the roof due to people trying to get them to trade for his companies shares – then could trade the technically worthless debentures back to the government for the land that he wanted in Ireland – this was technically illegal – but he was lending the government money – so no action was taken in the end Similar to the bankers doing swaps on CDOs in the GCF – anyway As blunt was helping the government – Harley had his man – as he needed funds – Came up with the South Sea Company (officially The Governor and Company of the merchants of Great Britain, trading to the South Seas and other parts of America, and for the encouragement of fishing) Was a British joint-stock company founded in 1711, created as a public-private partnership to consolidate and reduce the cost of the national debt How? Made a plan – the trading company – Scheme would be similar to what blunt did with his own company – Anyone who held Government debt would be able to trade the debt for shares in the SSC – then Government would pay the SSC 6% interest on the debt they took over – about £500,000 p.a. To make it enticing - South Seas Co was given monopoly on trading in south seas – and tried to get hype around the shares - convincing that the shares in the company were going to skyrocket – here was a chance to make millions – the term millionaire was coined in this time period with the SSC stock rising – which happens later in the story East India Company was doing well – and public perception was that the SSC company was going to boom like the EI company But the promise of the trading profits of the SSC was a scam though – South America was run by the French and the Spanish who the British were at war with – needed peace – but the majority in the house of lords didn’t want this Queen Anne was approached by Harley and Blunt – and got 12 more lords in the house of lords – lords was all it took – no voting – blunt got Queen Anne to push through these lords to get a majority vote for peace – but the peace deal only let 1 ship a year into the ports – but the public was never told – Had famous authors and others push the scheme still 1714 – King George took over with Anne’s death – But the wigs took over at the same time – so Tory’s no longer in power – and Harley was kicked out – so Blunt took action - Got the king to invest into SSC – forgave two years worth of interest payments that they owed – but in return – was allowed to issue more shares in the SSC 10,000,000 of new stock was issues – which was massive – half the size of all the companies shares in the whole of Britain – this on a company that to date- had only lost money on trading This Convinced the government to continue to offload more government debt to the company – as they now had more shares to offset it – Put in perspective – say today that one company was half the size of the ASX but with no income (only losses) – the Government just turned around and made it bigger by trading more of their debt with it (Government bonds) 1717 – King became the SSC leader – company became too big to fail – if the company failed - prestige would fail – From around 1719 – the shares in the SSC started rising £100 to £114 pretty quickly – the previous agreement was that the market cap (number of shares to the share price) had to be equivalent to the government debt – £100 of equity for £100 of debt – almost the same to banks today – look at their financial sheets – the assets and liability offsets But at a £14 difference in price rise – the company could sell these shares at a profit and pocket the difference – as with this price rise they didn’t take on any new debt Gave Blunt ideas – the company still wasn’t making money remember – Now decided to take on the £31,000,000 debt the government racked up by 1719 – if successful – make the SCC he biggest financial institution in the world – But Needed to convince the Gov to let them take over the debt – so to convince in this case was to bribe – with about $2m each today worth of bribes – But still wasn’t enough – as the BOE was also another contender to sell the debts to and the Wigs were favouring this - so offered them shares in the SSC –– In the end – SSC got the rights to consolidate the government’s debt – Share swaps took place But the effects of public officials getting into the shares and King George taking over leadership of the company gave the public the perception that the shares must be a good thing - a lot of confidence in the shares Within a few months the share price rose to £330 – but the next month the shares went down to £310 – which wasn’t good news – remember – this company didn’t make money – the only way to make money for investors was a price rise from speculation – or more irrational purchases – The share price couldn’t decline otherwise the scam would be up – So Blunt Came up with a new scheme – buy the shares with 20% down and regular payments every 2 months (similar to how warrants work today) – created leverage on leverage – allowed people to buy way more than they could afford – Could buy 5 times the number of shares today with only 20% down But as long as stock prices went up – people could sell a small amount every 2 months to fund their next repayment on the shares – the amount of leverage went to on average 5 times the amount of shares compared to the money they had in the bank Created further greed in the market - When people profited or others felling like the missed out – they bought more stock The new scheme worked - Price quickly rose to £550 – but then soon after prices dropped again to £510 – Remember – this cant happen otherwise the scheme would go bust – very leveraged and driven by greed – if people saw the price go down then people may stop buying Blunt came up with the Next scheme – Loan people the money to buy the shares – loans from SSC to individuals – then they would buy their own shares back off them and push the prices higher Prices went to £600 – seeing this – people wanted to get in – greed took over rational sense – even Isaac Newton wanted to get in – buying massive amounts of shares – about £20,000 worth which he lost in the end All of this had another unintended effect/consequence – others started their own share scheme – started popping up everywhere – crazy ones – like flying machines – so money going into SSC started to cease – as other schemes which people thought could make them more money instead were starting to take off – Similar to Crypto – BTC did so well so others pumped money into it – then all of a sudden new coins emerged – so the money started to flow into these as well But in England at the time – not enough money in the whole country to prop up prices – so the Bubble Act was put into place in 1720 – which forbade the creation of joint-stock companies without a royal charter, was promoted by the South Sea Company itself before its collapse. Essentially the banning of every other scheme except the SSC – but due to this act – had opposite effect – which was those who invested in the now banned schemes lost their money - so had to sell their SSC stock to make it up – as they were otherwise broke Prices initially Dropped for the SSC - But no rivals on the market – so shares in one week went from £503 to £830 due to removal of other share schemes – But remember – this company was highly leveraged – not making any money – company valued at £300,000,000 – almost 10 times the size of the £31,000,000 pounds of government debt that the valuation should have been based around – all the money in Britain was around £60,000,000 – Based around current markets – would be $85trillion USD – which sounds huge – but derivative exposure dwarves this today All of a sudden – prices started to decline – so blunt started to issues more shares- at £1000 per share – offering more incentives – 10% upfront with no payments for a year – Hype was so strong – sold straight away – those who bought early made massive amounts of money It was at this point that Blunt and a lot of politicians then he sold off a lot of their shares – the bubble was about to burst – The top of the market at £1,000 – created a massive sale for profit taking – those who bought the shares with 20% down at £500 – or earlier What broke the bubble – Blunt offered a 30% p.a. dividend – which woke up the people – losing confidence – fell hundreds of pounds – In 3 weeks – went from over £1,000 to £150 – bankruptcies and suicides were rampant But what happened – bailouts – bank of England and East India company share swaps – by Walpole – which is another story The economic effects were widespread - What does this all have to do with today? Greed – bubbles, BTC, leverage, Corporate debt fuelling markets – Central banking policies – fuelling markets with leverage Political bribes and self-interest as well – Cover this in another episode Thank you for listening to today's episode. If you want to get in contact you can do so here: http://financeandfury.com.au/contact/

300th Anniversary of the South Sea Bubble! Is It Happening Again?

PodCasts – McAlvany Weekly Commentary

Play Episode Listen Later Jan 14, 2020

McAlvany Weekly Commentary Gaming stocks with corporate buyback of shares Gaming earnings per share with corporate buyback of shares PE at 34.5 – no worries?! The McAlvany Weekly Commentary with David McAlvany and Kevin Orrick 300th Anniversary of the South Sea Bubble! Is It Happening Again? January 15, 2020 “This year we celebrate the 300-year anniversary of […] The post 300th Anniversary of the South Sea Bubble! Is It Happening Again? appeared first on McAlvany Weekly Commentary.

politics gold global investing financial gaming economy economics finances silver pe 300th south sea bubble david mcalvany mcalvany mcalvany weekly commentary

The Panic of 1907 and Leadership of JP Morgan

history leadership panic jp morgan crashes great courses south sea bubble

Play Episode Listen Later Oct 23, 2019 20:06

I recently listened to the Great Courses series of lectures entitled, Crashes and Crisis: Lessons form a History of Financial Disasters, hosted by Professor Connel Fullenkamp. Although the lecture series focused on economic disasters, I found many leadership lessons embedded in the lecture. In prior podcasts, host Richard Lummis and myself have considered the Dutch Tulip Bubble from the 1630s, the South Sea Bubble of 1720 and the Mississippi Bubble of 1720. Today we conclude with the Panic of 1907 and see how one person’s integrity and leadership can actually work to stop a panic and save a national economy. While there were obviously many moving parts to stopping the Panic of 1907, with the personal integrity of JP Morgan and his knowledge of the domestic and international financial markets, it is very doubtful the Panic could have been stopped. If the Panic had been allowed to spread unchecked it likely could have brought down the entire US economy. This example shows that the right person, at the right place, at the right time can make all the difference. Learn more about your ad choices. Visit megaphone.fm/adchoices

Leadership Lessons from the Mississippi Bubble of 1720

history france french bubbles mississippi new world crashes leadership lessons great courses john law south sea bubble

Play Episode Listen Later Oct 16, 2019 16:48

I recently listened to the Great Courses series of lectures, entitled Crashes and Crisis: Lessons form a History of Financial Disasters, hosted by Professor Connel Fullenkamp. Although the lecture series focused on economic disasters, I found many leadership lessons embedded in the lecture. In prior podcasts, host Richard Lummis and myself have considered the Dutch Tulip Bubble from the 1630s and the South Sea Bubble of 1720. Today we consider the leadership lessons and failures which led to the Mississippi Bubble of 1720. The Mississippi Bubble has nothing to do with the state of Mississippi or the great river but rather a French trading company which had been granted an exclusive charter by the King of France to develop France’s territory in the Mississippi territory in the New World. This lack of seeming awareness of enhanced risks, is a confounding aspect of this Bubble. If your own company policies, procedures, controls and personnel cannot determine how business is transacted in your organization, you run the risk of a legal violation or something similar to the fall of the Mississippi Company and John Law, who was forced to flee France disguised as a woman. Learn more about your ad choices. Visit megaphone.fm/adchoices

Leadership Lessons from the South Sea Company Bubble

Play Episode Listen Later Oct 8, 2019 1:30

In Part 2 of this special four-part podcast series, Richard Lummis and myself consider business leadership from a different angle, that of great economic disaster. This podcast series was inspired by the Great Courses series of lectures entitled, Crashes and Crisis: Lessons form a History of Financial Disasters, hosted by Professor Connel Fullenkamp. In this podcast series, we will consider the Dutch Tulip Bubble from the 1630s, the South Sea Bubble of 1720, the Mississippi Bubble of 1720 and the 1907 Panic. Today we continue with the South Sea Company Bubble of 1720. Fullenkamp said of the scandal, “The South Sea Company went from an obscure British trading organization in the early 18th century, with a share price of £128, to England’s most important company, with its shares trading at more than £1000—over the course of just 6 months. The company was at the center of one of history’s most interesting stock bubbles, one largely built on stock price manipulation and corruption. The South Sea bubble is a complex, fascinating story about the early days of the stock market in England and a cautionary tale about the dangers of mixing private enterprise and government finance.” What does the South Sea bubble teach us about the nature of bubbles and crashes? Fullenkamp identified three general points. First, “When governments get too involved in any asset market, there’s bound to be danger. People interpret the government presence as a sign that the asset can’t lose, so they’re willing to overpay for it .” Second, the South Sea bubble, similar to the tulip bubble that preceded it, “was made possible by easy credit. The ability to buy stocks on credit, with absurdly low down payments, made people all too willing to buy the company’s shares.” The third and final point is that “Market manipulation can, and does, play a role in bubbles. And manipulation can be difficult to detect until after a bubble bursts.” Focusing on the fraud and market manipulations of the South Sea Bubble, James Narron and Richard Skeie, in their article “Crisis Chronicles: The South Sea Bubble of 1720—Repackaging Debt and the Current Reach for Yield”, found four factors. (1) Start with insider trading, here by picking up the British National Debt; (2) Pay bribes to those who have to approve the deal, here Members of Parliament; (3) Ban rivals, here the South Sea Company persuaded Parliament to pass the ‘Bubble Act’ which banned corporations in competition with the South Sea Company; and (4) Repackage worthless old debt for new investors, here think “Asset-backed securitization and collateralized debt obligations” in 1720 and you begin to see the problem. Learn more about your ad choices. Visit megaphone.fm/adchoices

history england british market focusing bubbles panic parliament asset yield crashes leadership lessons ban great courses south sea south sea bubble repackage south sea company

Leadership Lessons from the Dutch Tulip Bubble of 1636-1637

Play Episode Listen Later Oct 1, 2019 15:56

In this special four-part podcast series, Richard Lummis and myself consider business leadership from a different angle, that of great economic disaster. This podcast series was inspired by the Great Courses series of lectures entitled, Crashes and Crisis: Lessons form a History of Financial Disasters, hosted by Professor Connel Fullenkamp. In this podcast series, we will consider the Dutch Tulip Bubble from the 1630s, the South Sea Bubble of 1720, the Mississippi Bubble of 1720 and the 1907 Panic. Today we begin with the Dutch Tulip Bubble. Tulips had been imported into what became the United Provinces of Holland in the late 1500s from Turkey. They became quite fashionable with the smart set at the time (i.e. royalty and the aristocracy) and by the early 1630s prices in Holland were already quite high. Then two things happened to create the bubble of 1634-1637. First the small group of tightly knit Dutch traders who bought and sold tulips were overrun by speculators. Second and perhaps more significantly, a type of formal futures market was created where contracts to buy bulbs at the end of the season were bought and sold, beginning in mid-1636. But this market was sanctioned or regulated as their trades were not made on formal Dutch exchanges. Different groups of traders began to meet together in taverns where they did not have to put much money down and the contracts were not legally enforceable. This significantly lessened any downside in not getting carried away in bidding. Traders were required only to pay a 2.5% “wine money” fee, up to a maximum of three guilders per trade. Neither party paid an initial margin, nor a mark-to-market margin, and all contracts were with the individual counterparties rather than with the Exchange. The entire business was accomplished on the margins of Dutch economic life, not in the Exchange itself. Learn more about your ad choices. Visit megaphone.fm/adchoices

history turkey panic dutch holland exchange crashes leadership lessons traders tulips great courses south sea bubble united provinces tulip bubble

59: Eternal Human Psychology: The Laws of Human Nature by Robert Greene

Made You Think

Play Episode Listen Later Apr 23, 2019 103:51

Let us call the collection of these forces that push and pull at us from deep within human nature. Human nature stems from the particular wiring of our brains, the configuration of our nervous system and the way we humans process emotions, all of which developed and emerged over the course of the 5 million years or so of our evolution as a species. In this episode of Made You Think, Nat and Neil talk about The Laws of Human Nature by Robert Greene. The author examines human behavior and suggests that it can be explained by different laws. Each law is presented and described in details: what every law means in your life, what you should do with it, how you should interpret it, and how you should use it. We cover a wide range of topics, including: How humans really behave and how one should adapt to it Historical and contemporary examples to better understand each law How to apply each law to your life Why corporations don’t give much importance to Twitter (and it’s because of Trump) The effect of context on our mood and behavior (yes, Nazis and Twitter examples) Why you may feel miserable even with 1 billion in your account And much more. Please enjoy, and be sure to grab a copy of The Laws of Human Nature by Robert Greene! If you enjoyed this episode, be sure to check out our episode on Mastery by Robert Greene, a fantastic book on sculpting your mind and your life in the pursuit of mastery, as well as Denial of Death by Ernest Becker, another book that delves into the idea that fearlessness is essential for individual success outside of a traditional path, and even within it. Be sure to join our mailing list to find out about what books are coming up, giveaways we’re running, special events, and more. Links from the Episode Mentioned in the show Irrationality [8:50] Self-awareness [10:37] Narcissism [12:49] Role-playing [17:16] South Sea Bubble [32:22] Black Swan Preparation [33:05] Herd Mentality [35:16] Instagram Influencer [35:39] The Godfather [38:45] Matrix [39:25] Primer [39:42] Self-sabotage [44:01] Mueller Report [45:45] Around the Horn [46:58] Pardon the Interruption [47:08] Crossfire [47:40] UC Berkeley [49:00] Lyft [49:22] New York Times [49:50] QueensBridge Venture Partners [50:41] Nazi [53:17] College as an incubator of Girardian terror by Dan Wang [59:40] American Psycho [1:01:44] Theranos [1:05:38] Enron [1:07:41] Apple [1:06:13] Nat's Article: Increasing the Difficulty [1:09:29] Social Justice Warrior [1:12:07] Neil's Article: Entertainment Isn't Dumb [1:16:40] Netflix [1:16:51] Cup & Leaf [1:17:45] Estee Lauder [1:21:23] Taco Bell [1:22:09] Slacktivism [1:31:38] Star Trek [1:38:19] Books mentioned The Laws of Human Nature by Robert Greene Mastery by Robert Greene (book episode) [01:33] Antifragile by Nassim Taleb (Nat’s notes) (book episode) [1:34] Letters from a Stoic by Seneca (Nat's notes) (book episode) [1:35] The 50th Law by Robert Greene [03:00] The 48 Laws of Power by Robert Greene (Nat’s notes) [03:13] Principles: Life and Work by Ray Dalio (Nat’s notes) (book episode) [6:58] Poor Charlie's Almanack by Charlie Munger [10:11] What Every Body is Saying by Joe Navarro [17:42] (Nat’s notes) (book episode) The Uninhabitable Earth by David Wallace-Wells [25:12] 12 Rules for Life by Jordan Peterson (Nat’s notes) (Neil’s notes) (book episode) [28:50] 12 Years A Slave by Solomon Northup [55:36] Skin in the Game by Nassim Taleb (Nat’s notes) (Neil’s notes) (book episode) [1:00:31] The Beginning of Infinity by David Deutsch (book episode) [1:29:26] Made in America by Sam Walton [1:32:30] The Denial of Death by Ernest Becker [1:34:45] (Nat’s notes) (book episode) The Elephant in the Brain by Kevin Simler and Robin Hanson [1:36:27] (Neil’s notes) People mentioned Robert Greene [01:15] Joe Rogan [07:55] Donald Trump [09:17] Charles T. Munger [10:11] Bill Clinton [18:17] Barack Obama [20:07] George W. Bush [21:33] Sam Harris [24:41] Daniel Kahneman [24:42] David Wallace-Wells [25:12] Jordan Peterson [28:50] Isaac Newton [32:27] Fredo Corleone [38:45] Nas [50:20] Steve Jobs [1:06:13] Tim Ferriss [1:11:54] Seth Godin [1:22:31] Kanye West [1:25:37] Sam Walton [1:32:28] Ernest Becker [1:34:45] Ray Kurzweil [1:35:44] Show Topics 01:12 – Nat and Nate are major fans of Robert Greene. Takeaways from their top Robert Greene books, Mastery and The 50th Law. 5:12 – The laws of human nature is based on how humans act and behave and what one can infer about other people or learn about them based on their behavior. Each law goes in-depth on historical and contemporary examples. 8:50 – Law of Irrationality: You may think you are rational but you're not. The first step towards becoming rational is to understand our fundamental irrationality. We all fall into this trap of thinking that we're the rational ones and everyone else is irrational. Green believes that we all have irrational beliefs and the best way to become more rational is having that awareness of yourself that you are also not a fully rational creature. What stems out from irrationality is the conviction bias or superiority bias, where you think like you're better than everyone. The key to stop making irrational decisions is self awareness and reflection. Increase your reaction time: when some event or interaction requires your response, train yourself to step back. 12:50 – Law of Narcissism: Transform self love into empathy. The idea of healthy narcissism is everyone is a narcissist to some extent, but if you're healthy about it, you have a stronger, more resilient sense of self and can recover more quickly from wounds and insults. There is not much validation needed from others. Social media is the medium of overly narcissists. Also, there are two monologues happening sometimes on shows like podcasts where you just happen to be speaking at each other, but you're not really having a conversation. Everybody just wants to feel heard, that's why people are posting on social media.. 17:12 – Law of Role-playing: See through people's masks. Bill Clinton never lost sight of the fact that as president, he had to project confidence and power, but if he was speaking to a group of auto workers, he would adjust his accent and his words to fit the audience and he would do the same to a group of executives. Most of the time, trying too hard to adjust to your audience can be offensive. 21:38 – Law of Compulsive Behavior: Determine the strength of people's character. A lot of people do have some form of compulsion in how they act. The toxic types and drama magnets fall in this type of behavior. There are certain people, like in high school or in college, who always have drama no matter what's going on. The Laws of Human Nature can be read in two different ways – with the eye to learning more about other people or with an eye towards yourself. We go through Sam Harris’ interview of Daniel Kahneman and Joe Rogan's interview of David Wallace Wells, author of The Uninhabitable Earth. 26:43 – Law of Covetousness: Become an elusive object of desire. This law is very true for relationships, for instance, people who are using dating apps. The people you're connecting with on dating apps are always seemingly perfect, but then as you get to know them, you realize they're all human beings, they’re not perfect. Also, it states that if you don't give somebody too much information about yourself, then you have that air of mystery and they can project whatever they want to project onto you. In an era of so much advertising and marketing, it affects your decision-making, what is something that you actually want and what's something you need. We tackle the 12 Rules for Life by Jordan Peterson, where he emphasizes on how many of our desires are actually internally-driven versus driven by what we're seeing other people do. 31:52 – Law of Short-sightedness: Elevate your perspective. It's basically civically training ourselves to detach from the heat of the moment. For any group or team, you kind of want someone in charge of revealing all the ways something could fail. Expecting the unexpected, the black swan preparedness. The concept of herd mentality, where you doubt your own logic in money and selfies. Take those Instagram influencers. 38:07 – Law of Defensiveness: Soften people's resistance by confirming their self opinion. Everyone thinks that they're autonomous and acting of their free will. Also, most think that they're intelligent and that they're good and decent. Regardless of whether or not those things are true, it behooves you to confirm people's beliefs in that about themselves. Fredo Corleone is a perfect example. He is the family idiot who also does some sleazy things and gets the family in trouble, but despite all of that and all the evidence staring him in the face, he still thinks he's an intelligent and good human being. Primer on being a Master Persuader: five strategies for instilling those beliefs in the people you're talking to. 42:50 – Law of Self-sabotage: Change your circumstances by changing your attitude. This part lists out a lot of bad mental routines people get into. When you see one of these self-sabotaging mentalities come out constantly from people, it makes it very hard to be around them. This happens in Twitter feed, where if you were constantly surrounded by political or hostile tweets or news, even if they're not directed at you, it changes your mood entirely. The click bait headlines confirming existing biases. 51:22 – Law of Repression: Confront your dark side. Part of the job in studying human nature is to recognize and examine the dark side of one’s character. You can't deny that there are going to be parts of your character that are bad. Seeking those out and figuring out where they're coming from can improve yourself to deal with those parts of your behavior. There's like very little genetic determination for whether you're a good or bad person. There may be some inclinations, but a lot of whether or not you become like a well-socialized or antisocial person is going to be from your environment and your upbringing. We dive in the two circumstances that can bring that type of thing out and study Nazi’s and slavery. Slave owners were not necessarily cruel individuals, it’s just that they were accustomed to such as they grow up. 57:53 – Law of Envy: Beware the fragile ego. This delves into how you can pick up on other people, the little things they say and do that convey some sense of envy or insecurity around you. Women talk about this a lot with other women but men are not exempted from this. The closer you are to other people, the more you will envy them and resent them. We touch on College as an Incubator of Girardian Terror by Dan Wang – how there is no clear sign of any diversity on college campuses. Also, there are different things that motivate people, and all these motivations are mashed up in our brains leading us to have different types of behaviors. The concept of Alpha dog, where it's more on status than the actual money itself. 1:04:58 – Law of Grandiosity: Know your limits. You should tie any feelings of greatness to your actual work and achievements in your contributions to society and not to something special about you because that's where it can get dangerous. A case in point is Theranos. If the projects you attempt are below or at your skill level, you'll become easily bored and less focused. If they are too ambitious, you will feel crushed by your failure. 1:10:18 – Law of Gender Rigidity: Reconnect to the masculine or feminine within you. Some of the things that you find attractive in the opposite sex is something that you need to develop within yourself. This is a good tool for introspection and personal development. Greene used these masculine and feminine traits as descriptors. Opposite traits complement one another. 1:13:13 – Law of Aimlessness: To advance with a sense of purpose. You'll be most motivated and happiest if you have a higher sense of purpose or mission that drives you on what you are doing as opposed to just following the direction or the goals of your parents for you and your peers. Purpose is doing something where you actually want to wake up and instantly start moving. People judge themselves if that sense of purpose isn't something big and special. 1:18:08 – Law of Conformity: Resist the downward pull of the group. Being aware that you're not immune to the way being in a group will change how you think. Notice how being around people changes the way you're behaving and thinking. Making decisions based on what you want think, not just what the group wants or thinks. LinkedIn launch table. Different groups hold different heuristics. Corporate America doesn’t use Twitter, they think it’s a Trump thing. 1:22:35 – Law of Fickleness: Make them want to follow you. You want to turn yourself into someone that people want to follow. There are three core things under this law: listening skills, dedicating yourself by respecting people's individual needs and proving that you're working for the greater good, and then taking the leadership as a huge responsibility and making sure that you're considering the welfare of the group as early on in your career as possible. Not letting other people categorize you so they will pay more attention trying to find out more about you. You want to develop the highest possible standards for your work and training yourself to be super aware of how your manner in tone are affecting the people around you. Reputation is going to play a really big role in whether or not you can succeed in becoming some kind of leader. The idea of sending mixed signals and showing qualities that are ever so slightly contrary. If you send mixed signals, if you're not allowing people to instantly categorize you, they're going to pay more attention because they're trying to figure you out. 1:26:10 – Law of Aggression: See the hostility behind the friendly facade. Too friendly person who you don’t actually know is irritating. We all have aggressive tendencies. Aggressiveness spectrum. Aggressiveness can be seen in sports too, and they can bring out that aggressive part in people who might not have thought they were aggressive. Everyone has an aggressive side, whether you exhibit it overly or passively, and your task is to not deny that you are aggressive, but to learn how you can channel it into something productive. Almost nothing in the world can resist persistent human energy. The trick is to want something badly enough that nothing will stop you or double your energy. And lastly, “most people engage at some cathartic release of their angers, some giant protest, and then it goes away and they slip back into complacency or become bitter”. 1:31:02 – Law of General Myopia: Seize the historical moment. Society moves in cycles of like kind of four generations. The first generation is that of revolutionaries who make a radical break with the past to establish new rules and create chaos. The second generation craves some order, and they want to stabilize the world and establish some new conventions in dogma. Then the third generation has little connection to the founders of the revolution and they're less passionate about it, they just want to make life comfortable and they don't want things to be getting upset. And lastly, the fourth generation feels society has lost its vitality and they're not sure what should replace it. The goal is to understand as deeply as possible the spirit of your generation, of the times that you live in. Learn how you can take advantage of it and how that has affected how you perceive the world. The premise behind Sam Walton’s Walmart. “Hard times create strong men. Strong men create good times. Good times create weak men. And, weak men create hard times.” 1:34:35 – The Law of Death Denial: Meditate on your common mortality. Essentially, we don't like to think about the fact that we're going to die and that makes us act in ways that we might not. It causes us to buy into philosophies that will save us from that fact. We dive into the technological transcendence being the modern version of religion. No one is ever going to upload their brain into a computer. We must think of our mortality as a kind of continual deadline. We must stop fooling ourselves. We could die tomorrow and even if we live for another 80 years, it is but a drop in the ocean of the vastness of time and it passes always more quickly than we imagine. We have to awaken to this reality and make it a continual meditation. 1:41:31 – Find us on Twitter @TheRealNeilS and @nateliason and let us know what are yours thoughts about the book and the episode. Leave a review and share it with your friends if you like the show. Join the email list at Made You Think Podcast, that's the best way to stay up to date on future episodes and things that are going on with the show. Check our supporters at madeyouthink.com/support.

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Bubbles, Manias and Market Failures: The Unintended Consequences of Regulatory Responses

professor market finance economics bubbles failures responses regulatory ucl unintended consequences built environment manias gresham college south sea bubble

Play Episode Listen Later Feb 7, 2019 47:47

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.A lecture by Professor D'Maris Coffman, Professor of Economics and Finance of the Built Environment, UCL 7 February 2019The transcript and downloadable versions of the lecture are available from the Gresham College website: https://www.gresham.ac.uk/lectures-and-events/bubbles-market-failures-regulatory-responsesGresham 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 over 2,000 lectures free to access or download from the website.Website: http://www.gresham.ac.uk Twitter: http://twitter.com/GreshamCollege Facebook: https://www.facebook.com/greshamcollege Instagram: http://www.instagram.com/greshamcollege

S02 E03 - Britain

Ryan and Noosh are Dead

Play Episode Listen Later Aug 7, 2017 102:54

Cheerio, lads! Fancy a spot of tea or a smidge of opium before we begin this week's tales? Of the get-rich-quick scheme that nearly brought down an empire in The South Sea Bubble. Of the psychic who was tried as The Last Witch of Britain. And of the conspiracy theorist who is quite certain that neofascist lizard people are actually pedophiles in The Biggest Secret. Right then. Close your eyes, dear, and think of England. This week's topic: "Britain" #TrialByCake

england britain cheerio biggest secret south sea bubble

Google Goggles And The Future of Trading

TalkingTrading

Play Episode Listen Later Jun 16, 2015 22:48

In this week’s episode we go forwards and backwards in time to look at the technological future of share trading and the history of The South Sea Bubble. With Google Goggles we are on the brink of being able to put a chart up and execute a trade with the blink of an eye. However just as the mania of the South Sea Bubble shows, people don’t change, human emotions never alter - therefore markets will always stay the same. And Jono Barratt tells us all about the bond market. Market Wrap with jono Barratt The markets were volatile in the US – The Dow was down 140 points, gold and oil didn’t move and the US dollar was stable. Jono is searching for more a long-term structure in his portfolio with sustainable yields in the corporate bond market with rates of return at 7.5 to 10%. The Future of Share Trading - Louise Bedford The future of trading technology is limitless. We are one step away from being able to blink and put up a chart in front of our eyes using Google Goggles. Our computing processing power doubles every two years and futurists believe there will be computers with greater than human intelligence by 2040. Charting packages will become simpler to use, back testing will become easier and there will be much more speed. However the more the markets change the more they stay the same. PEOPLE NEVER CHANGE so no matter what technology we have to help us, the markets will STAY THE SAME because people drive market action. Did You Know – South Sea Bubble – Chris Tate There is NOTHING new in the markets as proved by the history surrounding the SOUTH SEA BUBBLE. Being a student of the history of the markets teaches you about the market itself, and the infamous South Sea Bubble shares many features with modern manias. When South Sea Company proposed to take over management of the British National Debt in 1720 it caused widespread mania in its price of shares. Its staggering collapse later that year caused a government inquiry. It has many similarities to the Tech Wreck of the millennium, and its history shows that there is nothing new under the sun when it comes to the markets. Highlights of Talking Trading are also available on Louise Bedford’s Soundcloud. Additional Music by Kevin MacLeod http://www.incompetech.com

soundcloud trading kevin macleod charting jono additional music south sea bubble tech wreck louise bedford google goggles people never change

Boom! The Budget Bang – How does it affect your hip pocket?

TalkingTrading

Play Episode Listen Later Jun 3, 2014 25:30

This episode tells you how the federal budget is going to affect you, your family and your trading. Plus Chris Tate’s history of The South Sea Bubble shows that there really is nothing new under the trading sun. Jason Cunningham Accountant and TV star (The Living Room - TEN Network) Jason Cunningham gives us the ins and outs and the highs and lows of the Federal Budget. How it will affect Australians, what Jason agreed with, what he didn't, and his opinions on what is great in our country and what drives him bananas. Informative, fun and energetic - when was the last time someone told you to be good to be mother? Did you know? - With Chris Tate Take a walk inside Chris Tate’s mind in his Did you know? segment with these facts come market lesson on The South Sea Bubble. While many modern traders believe they are seeing things for the first time, hear the similarities between the South Sea Bubble three centuries ago and the Tech Wreck 10 years ago. To be a great trader Chris emphasizes you must be a student of the markets and know that there really is nothing new under the trading sun. Last week's episode featured Dr Harry Stanton, an expert on the important subject of trading psychology. Harry, in conjunction with Louise Bedford, recently released the Mind Power Profit Pack. If you want to learn more from Dr Harry and you're serious about making money as a trader, grab a copy of the Mind Power Profit Pack. There are only 13 2 Mind Power Profit Packs left at the introductory price, so click here right now to find out more. To download the mp3 file to your computer, right-click on the ‘Download’ link and choose ‘Save target as…’ or ‘Save link as…’ and save the podcast to a suitable location on your local drive. Additional Music by Kevin MacLeod http://www.incompetech.com

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Scholarcast 36: Draining the Irish Channel: Identity, Sustainability, and the Politics of Water

UCDscholarcast

Play Episode Listen Later Jan 7, 2014 50:31

In 1722 an anonymous author styling himself with the degree 'A. M. in Hydrostat' published a proposal in Dublin with the title, Thoughts of a Project for Draining the Irish Channel, a satire on both the South-Sea Bubble and Anglo-Irish politics, as well as a comment on the craze for projects and speculation, scientific advances in hydraulics and circulation, resource management and political arithmetic, and improvement and reclamation. The conceptual leap made in Draining the Irish Channel is that the sea can and should be improved: in other words, done away with. The sea could become not only the medium but the very ground of British colonialism; land could be created from unproductive water; the Irish Sea could literally become a new territory. In practical terms, then, the sea is recast as a geography of natural resources that could potentially be pumped, mined, and diverted using locks and drains, all for the health of the British nation.

history culture art politics water british project identity ireland irish scotland sustainability wales dublin british isles draining ucd coastline archipelago jonathan swift irish sea anglo irish south sea bubble irish channel nick groom scholarcast john brannigan

Scholarcast 36: Draining the Irish Channel: Identity, Sustainability, and the Politics of Water

UCD Scholarcast - Series 7: The Literatures and Cultures of the Irish Sea

Play Episode Listen Later Jan 7, 2014 50:31

In 1722 an anonymous author styling himself with the degree 'A. M. in Hydrostat' published a proposal in Dublin with the title, Thoughts of a Project for Draining the Irish Channel, a satire on both the South-Sea Bubble and Anglo-Irish politics, as well as a comment on the craze for projects and speculation, scientific advances in hydraulics and circulation, resource management and political arithmetic, and improvement and reclamation. The conceptual leap made in Draining the Irish Channel is that the sea can and should be improved: in other words, done away with. The sea could become not only the medium but the very ground of British colonialism; land could be created from unproductive water; the Irish Sea could literally become a new territory. In practical terms, then, the sea is recast as a geography of natural resources that could potentially be pumped, mined, and diverted using locks and drains, all for the health of the British nation.

history culture art politics water british project identity ireland irish scotland sustainability wales dublin british isles draining ucd coastline archipelago jonathan swift irish sea anglo irish south sea bubble irish channel nick groom scholarcast john brannigan

Bubbles, Crises, and the Global Economic Outlook

UnCommon Core

Play Episode Listen Later May 16, 2013 21:51

If you experience any technical difficulties with this video or would like to make an accessibility-related request, please send a message to digicomm@uchicago.edu. Alumni Weekend 2012 UnCommon Core June 2, 2012 Bubbles, Crises, and the Global Economic Outlook Robert Aliber Professor Emeritus, International Economics and Finance, Booth School of Business The Panics of 1907 and 1837. The South Sea Bubble of 1720 and the Tulip Mania of 1637. These are a few examples of the many financial crises that have plagued the United States and the rest of the industrial world for over 300 years. What causes these booms and busts? How long and deep are the slumps that follow? What can be done to prevent them? And what can we learn from the history of financial crises to help us deal with the current economic crisis? In this talk, Robert Aliber addresses these questions and what the answers mean for policymakers and consumers in the United States in the months and years ahead. Robert Z. Aliber is professor emeritus, international economics and finance, at the Booth School of Business. He has written extensively about exchange rates and international financial and banking relationships and policy problems. While at Chicago, he developed the Program of International Studies in Business and the Center for Studies in International Finance. Among his many books are Money, Banking, and the Economy and an update of Charles Wiley's Manias, Panics and Crashes.

Bubbles, Crises, and the Global Economic Outlook (audio)

UnCommon Core

Play Episode Listen Later May 16, 2013 21:51

If you experience any technical difficulties with this video or would like to make an accessibility-related request, please send a message to digicomm@uchicago.edu. Alumni Weekend 2012 UnCommon Core June 2, 2012 Bubbles, Crises, and the Global Economic Outlook Robert Aliber Professor Emeritus, International Economics and Finance, Booth School of Business The Panics of 1907 and 1837. The South Sea Bubble of 1720 and the Tulip Mania of 1637. These are a few examples of the many financial crises that have plagued the United States and the rest of the industrial world for over 300 years. What causes these booms and busts? How long and deep are the slumps that follow? What can be done to prevent them? And what can we learn from the history of financial crises to help us deal with the current economic crisis? In this talk, Robert Aliber addresses these questions and what the answers mean for policymakers and consumers in the United States in the months and years ahead. Robert Z. Aliber is professor emeritus, international economics and finance, at the Booth School of Business. He has written extensively about exchange rates and international financial and banking relationships and policy problems. While at Chicago, he developed the Program of International Studies in Business and the Center for Studies in International Finance. Among his many books are Money, Banking, and the Economy and an update of Charles Wiley's Manias, Panics and Crashes.

Panel Discussion: Never Again?

Play Episode Listen Later Jan 10, 2013 58:56

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.

kingdom bank ios panel discussion dickens gibraltar lehman brothers bcci poyais south sea bubble nicholas nickleby little dorrit equitable life

Ghost of Scandals Future: Great Expectations

Play Episode Listen Later Jan 10, 2013 30:37

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.

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Ghost of Scandals Present: Modern Pitfalls

Play Episode Listen Later Jan 10, 2013 29:12

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.

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Ghost of Scandals Past: A Short History of Financial Scandals

Play Episode Listen Later Jan 10, 2013 29:13

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.

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What the Dickens? The City's Great Financial Scandals, Past and Future

business education financial meaning economics bubbles morality mathematics south sea bubble

Play Episode Listen Later Jan 10, 2013 17:08

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.

kingdom financial bank scandals ios dickens gibraltar lehman brothers bcci poyais south sea bubble nicholas nickleby little dorrit equitable life

The South Sea Bubble

In Our Time

Play Episode Listen Later Dec 20, 2012 41:52

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 HertfordshireHelen Paul Lecturer in Economics and Economic History at the University of SouthamptonRoey Sweet Head of the School of History at the University of LeicesterProducer: Natalia Fernandez.

university history school england spanish economics bubbles south america economic history south sea melvyn bragg south sea bubble south sea company

The South Sea Bubble

In Our Time: History

Play Episode Listen Later Dec 20, 2012 41:52

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.

university history school england spanish economics bubbles south america economic history south sea melvyn bragg south sea bubble south sea company

The Meaning of Financial Value in 1720: Mathematics and Morality during the South Sea Bubble

Emerging Alumni Scholars

Play Episode Listen Later Apr 3, 2012 27:45

20 Binge Thinking History: When is a Trading Company not a Trading Company?

Binge Thinking History

Play Episode Listen Later Feb 6, 2012 38:07

Back after almost a year with the first part of a two series on the South Sea BUbble. War maybe Hell but it’s also very, expensive and like every other country in 1700 England was deeply in debt. Enter the South Sea Company and a story that mixes avarice, corruption, deceit, international intrigue and vast sums of other peoples money. Enjoy! Tony

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'Gods of Commerce and Theives': Perceptions of Jews, Crime and Business in London

english israel jewish crime gods jews commerce shakespeare perceptions dickens norwich semitic rothschild john le carr theives shylock fagin disraeli south sea bubble

Play Episode Listen Later Apr 18, 2005 62:21

Some of the most nefarious anti-Semitic stereotypes are deeply embedded in English culture with Shakespeare's Shylock and Dickens' Fagin two of the best known. There exists, however, a wide spectrum of "Jewish types" associated with business in London, from the villainous to the nearly-saintly, which often resurface in public discourse. This lecture shall focus on the relationships between perception and 'reality' the interplay between stereotypes and expectations good, bad, and indifferent, as pertain to Jews 'doing business' in London, and Anglo-Jewry generally. Among the topics to be considered shall be: the legacy of the Norwich blood libel; the expulsion; crypto-Jews; pick-pockets and brokers; the South Sea Bubble; charges of 'industrial' conspiracy; boxers and the underworld; Disraeli and the Rothschilds; labour unrest; 'White Slavery'; 'Jewish gangs'; the Guinness-Distillers' affair; and John LeCarré's (masked) Jewish crooks.

Money Mania: The South Sea Bubble