England: South Sea Bubble - The Sharp Mind of John Blunt - Extra History - Part 1
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- Опубликовано: 26 сен 2024
- 📜 England's South Sea Bubble - Part 1 - Extra History
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.
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#ExtraHistory #SouthSeaBubble #History
0:08 "This time it's going to be a daring tale of high seas, adventure, and romance--Nah I'm just kiddin' this is going to be all about finance, and economics."
Most stories about the prior are really stories about the latter anyway.
EDMOND DANTES!
WALPOLE
*Historical Materialism intensifies*
Nobody expects the Spanish Inquisition, but even less people expect the South Seas' Bubble.
fewer
eggertstwart Shut up Stannis.
+Vicente Parker It is a very odd topic for an Extra History series. Who could've possibly put forward so many votes on Patreon to choo--it was Walpole.
So negative amounts of people expect the south seas bubble? My god....
Vicente Temes I
Yes, Mr. *Blunt* must have been very *sharp.*
A pun is a punishable crime alone, but when you use the already made pun on the video of the creator of the pun in which they made the pun, you must commit seppuku.
+Bliffity PUNishable action? Was that intended?
gijijijijijijijijijijji
*FACK*
What if his rival Mr. Sharp was quite blunt
+Bliffity Sudoku* Common typo
That moment you realize that Dan never got to cover Julius Caesar or the Spanish Inquisition before he left :(
Yo three months later, why'd he leave? Joined the channel after he left.
@@MYTRYAAIN idk, but he did a wise move.
@@dorkfish1275 why Wise? It's a great channel that talks about all kinds of history
@@darrenbutler9819 Have you seen how downhill everything other than their history series has gotten?
@@dorkfish1275 what do you mean exactly?
British General: Sir who shall why fight next?
The King: EVERYOONE!!!!
Cabinet: So which countries are we fighting?
King: *Yes*
*Insert The King being chased by a mob of Soldiers*
The King: O.o EVERYONE BUT ME!!!!!!!
When Dan talks about loving extra credits and following other topics it just makes me sad, miss ya dude
Why did he leave?
@Stellvia Hoenheim Dont be spreading false information
@@W-I463 Not 100% sure, but he said Extra Credits was just a University project.
Considering he is now happy doing PlayFrame for years and talking a lot about animation and doing video games for a living, I would say he succeeded.
A Wolf of Wall Street style movie with Blunt would actually be pretty interesting.
How bout the south seas bubble but in the direction of inaucci
@@seanwilliam2856 HOOK IT TO MY VEINS
i was thinking the same. the original pump and dump scheme
Blunt was the Lion of the Corporation of London.
Does thou think any of these happening are legal?
Absolutely fucking not legal my friend.
It's the educational TV I always wanted as a child.
Kaine Bishop I know I'm two years late responding, but you're onto something. If they made an educational history show for kids when I was a kid, I would have never stopped watching it.
Way better than whatever the history channel is nowadays
@@homemadefilms5718 The worst part is, it used to be good, but the stupid stuff is more profitable.
I T W A S W A L P O L E
It always is. ;)
Sam Wolfenstein Walpole was the first English PM, and his rule lasted 22 years. It's not surprising that he pops up everywhere.
God damn it Walpole.
This series is the origin of that meme
Sam Wolfenstein another man of culture I see
This entire series is my favorite thing right now. I LOVE obscure and interesting moments in history, and I feel like there are a lot of lessons to be learned in the spaces between the classical roster of Great Men and Wars.
As someone who is in the process of getting their business degree (with plans to specialize in accounting) this seems extremely interesting. I can't wait to see more.
Yeah. I'm enjoying this a bit more than the Sengoku Jidai. All those names x_x
TheSlimyDog
Oh those names! I could never keep track of who was who between episodes
TheSlimyDog
I kept track by looking at the colour of their armour .
Pinkie Pie I tried but failed. Also kept forgetting which clan each one was from. Would have been a tiny bit better if they color coded it that way.
yeah so many lords at war and i have a feeling the lotto scheme i this episode is going to come back and bite britain in the butt
Do you mean to tell me that my country has been stuck trying to pay off the same debt for the last 300 years?
Makes you wonder why all those Chancellors even WANT the job.
You get to control the money of the nation in country that is OK with you just ignoring 100s of years of debt, who wouldn't want that job.
Jeremiah B
Plus you may get to be Prime Minister one day.
It's a job well done if you're able to placate angry creditors who demand immediate repayment by paying off debt by borrowing money in the hope that in sometime in the future you will have enough surplus to be able to pay off the debt created by borrowing money to pay of the original debt . Deep , isnt it ?
The art of the job is pushing immediate debt into the future WITHOUT ending up in a debt trap .
In fairness, the old debt is pretty small now. The debt from the two world wars is bigger. And since the economy expands and inflation happens, even those debts are diminished so that the most recent debt dominates. Though austerity should handle that.
Jay I'm also british
This single word covers the South Sea Bubble.....
S T O N K S
Yes
Omg u made my spill my soymilk,hahahah
@EmperorJuliusCaesar what do you mean?
@EmperorJuliusCaesar Its a meme of a very unrealistic person looking at literal stock footage.
Two words: Confused stonks
Hey, it’s happening again! Time to rewatch this series for the seventh time.
I actually realy want to see an episode on the wars of the three kingdoms. It's rarely talked about here in the UK despite being a radical & vitally important part of our history. The most we get is "english civil war" history, which goes something like this-
"Charles 1 was ignorant, and he didn't listen to people, and then all these puritans-who were boring and wanted to ban christmas- decided to fight the king, and the king lost, so Oliver Cromwell- who was boring and banned christmas- took over, but then he died, and Charles 2 took the throne, and everyone loved him because he threw lots of parties!"
Thorntonian Why do the war of three kingdoms? Why not the battle of five armies?
Tristan Phillips... I honestly don't even know what you're trying to say here.
Possibly an unrelated note, but have we met? Your name seems familiar.
I don't believe we've met. But I'm making a joke about the Hobbit.
Tristan Phillips I got the joke, i'm just not sure how it relates.
Thorntonian Three kingdoms war will be awesome. That's what got me into loving history in the first place.
Boy, who would have thought that Britain's centuries old financial practices could accurately be described as "Shenanigans"?
REALLY looking forward to the rest of these!
But ... Nobody expects the inquisition :(
I am.
Well i certainly didnt expect the inquisition in this episode.
Not Even the Spanish Inquisition
Next episode will look like it's a continuation on the South Seas Company, but halfway in: BAM! Nobody expects the Spanish Inquisition! I'm calling it.
Perhaps it's a ploy to keep you from expecting them?
The funny thing is that the rumour is that a similar note was made when Osborne took his job, left by the former Chancellor of the Exchequer, with the Labour government scrawling "good luck" underneath it. And another fact, our Chancellor of the Exchequer has *no qualifications in economics, he studied as a journalist
My country
The Wayfarer Hello from across the pond in 🇺🇸!
Hey, right now here in the states we have a secretary of energy who’s educational background is in animal husbandry.
The United States and the United Kingdom seem to be in a competition over who can perform the biggest political fuckup. Brexit was a good try, but I think the United States won.
Leftover problems from the fall of the RBS?
@@thegardenofeatin5965 The game isn't over yet, wait and see our next move... :P
1 year later and we haven't seen either Cesar or the Spanish Inquisition
4 years now
At this point I’m expecting the Spanish Inquisition
@@chipua2230 That's probably their tactic. Wait until everybody has forgotten they mentioned the Inquisition and then spring a series on them out of nowhere.
June 2021 Jewish pirates is the closest we’ve gotten to Spanish Inquisition and cleopatra is closest to Julius Caesar
With the Gamestop thing going on I think it's a good time to rewatch this series
What “Gamestop thing”?
Still paying on the debt 300 years later? Sounds like England graduated from an American private college. ;)
yea
Well, too many wars, too many Colonies uprising, too many soldiers to be fed and paid and transport, too many guns needed.
And then the Colonies achieve independence so the money King George III spent in the American Revolutionary War gave him no revenue.
And then later on we have to consider the debt with China before the Opium Wars.
r/woooooosh
Americas economy can only work by maintaining a certain amount of debt
Or an England uni
I miss this narrator
It’s 2024, and we have apparently learned NOTHING from the South Sea bubble….
Money printer go BRRRRR
Suggestions
The War of the Spanish Succession
Golden Age of Piracy
Great Depression
The Three Kingdoms Period of China
The Chinese Civil War
Russian Revolution
The Gallic Wars
+snakes3425 The War of the Quadurple Alliance?
(1718)
+Captain Inc
That would be good also a few more
The English Civil War
The Greco-Persian Wars
The Panic of 1857
The Life of Simon Bolivar
The Mexican Revolution
The Nine Years War/League of Augsburg
Great French War/French Revolutionary/Napoleonic Wars
German Unification
Italian Unification
Classical Greece
The Fall of the Western Roman Empire
The Hundred Years War
War of the Roses
Franco-Prussian War
Napoleon III
Crimean War
The Rise and Fall of Napoleon I
The French Revolution
Louis XVI-XVI
The Seven Years/French and Indian War
snakes3425 Pretty good, here are mine.
Russian Civil War 1921-1923
War of 1812.
Warring States Period
El Capone
Black Beard
War of Texan Independence
War of Mexican Independence
Haiti Rebellion
100 Years War
30 Years War
Anglo-Russian War 1812
Fall of the Eastern Roman Empire
Rise of the Ottoman Empire.
+snakes3425 Portuguese Discoveries!
+snakes3425 World's First Circumnavigation by Ferdinand Magellan and Juan Sebastian de Elcano (1517-1521)
Hooray! Economics!
Hooray! Soul crushing depression and confusion!
Today's story will be about pirates and action.NOPE JK its about economics n boring money stuf
So apparently, Britain was the modern American stereotype before America got it's independence.
Like mother like daughter
There was a writer who claimed "an American is an Englishman left to his own ends" around that kinda time.
The two cultures are more alike then different. Hell Americans cared about the royal baby for some reason.
Alexander Kamensky Monarchies, even constitutional ones like in Great Britain, have always been a curiosity for us Americans. I imagine said curiosity is even more pronounced over in Australia, though I doubt its various news centers cover it overmuch like ours do.
Farscryer0 I am not sure, because Australia has the Queen as their head of state.
OMG I'm getting hyped over financial history! What have you done to me!?
They did what teachers should do
FonVegen Well, I think teacher don't do this because of the audience. If theachers did this the whole class would be like whatever and there would be one or two like us extremely exited. That would be nice but their job is to ensure everyone learns. That's why I'm proud of making part of an audience full with people like you :D
João Pinto Well, thank you ^^
I wasn't trying to criticize teachers, although I guess it looks a lot like it; I just wanted to say that this is a lot more fun than learning numbers all the time; of course it isn't a realistic method for scholl as it is, but it would definitely be awesome ^^
Sory then, I thought you were. Hope I didn't sound too harsh
João Pinto No problem there ^^
I tend to say things differently than I intend to, it's alright to correct me :)
Only way to learn, after all ;)
Nobody expects the Spanish Inquisition... to be beaten by the South Seas. I'll see myself out.
Ben Toth nobody expects the dragon age inquisition
rewatching this exquisite series
Same here :)
Binge re-watching all of the Extra History series (While checking out the NMS Update) :D
"Look mom! I'm learning economics and I'm not snoring while I do so!"
"so proud of you son!"
This is probably my favorite extra history so far. I am also suprised you explained something like this without getting me confused
You know, I would inmensily thank you if someday you made a series regarding South America, specially the independence of countries brought for by Simon Bolivar. But the reason I ask this is because I want to test something: I am venezuelan myself, and sometimes I wonder if the reason the history of my own country is unnapealling to me is because of the way it has been teached to me, the grudge it generates in me by seeing how this nefarious government uses it in it's own political campaign, or that I simply wish to hear stories that I haven't heard before. Your videos are very inmersive, so... I'm kinda putting my hopes on you on this matter.
Predicting 100
And your prayers have been answered.
It amazing its been 8 years since the video came out I remember when it came out when I was a freshman in college
Can you do an Extra History series on the Thirty Years' War?
Oh boy do I have news for you
Another part of history I NEVER heard of. Seems promising. Can't wait to learn more about it :D
It really does feel like an "action-ey" exciting thing despite there being no combat involved! In a way reminds me of Phoenix Wright and the like.
Interesting that the Tories and Whigs could not get along at all and attempted to block anything the other party tried seemingly out of a pure sense of rivalry. Reminds me a lot of the Democrats and Republicans in the United States today, who can't get anything done because they see the other party as enemies to be defeated and subdued. That's the impression I get reading and watching the news, anyway.
The interesting thing is about the way it ended. The Whigs won. I don't mean they won two elections or three. They won, all of them. They destroyed the Tories. So much so that the Tories never existed against in real terms. Those people from 1783-1840 who were called "Tories" (Pitt, Addison, Wellington, Burke etc) were actually Conservative Whigs . One of them even said, "the government of the last century is and could only have been a Whig Gov't", despite the fact that since 1783 Pitt the Younger and his "friends" had basically run Britain for 30 years at that point, with only a short interlude after Pitt died in 1806.
Part of this was because the Tories were barred from gov't office for several decades, another is because they associated themselves twice with the Jacobite pretenders, which is not a way to ingratiate yourself to the loyal voters of the land, and especially younger generations. And indeed once the older generation passed away in the 1750's, the Tories went from having a significant enough presence in Parliament during Bonnie Prince Charlie's uprising, to having nothing by the 1760's.
A similar thing happened in the US, with the Federalist Party in place of the Tories and Democratic-Republicans in place of the Whigs. There were actually many similarities between the Federalists and Tories and between the DRs and Whigs. The most important of which was the former holding on to anachronistic view of government. Tories to Jacobitism, the Federalists to elitist over populism.
Just like with the Whigs, when the DRs owned the whole political landscape, they split in two. And the Democrats strained every effort to label their National Republican and later American Whig counterparts as latter day Federalists and elitists, just like dissident British Whigs would label their opponents as Tories. Lord North was labeled a Tory when he was Prime Minister, though he ended up forming an alliance with Charles James Fox that formed the basis for the Whig party in the 19th century (later forming the Liberals). Meanwhile, Pitt and eventually after maneuvering between both sides, Edmund Burke, formed the basis of what would become the Conservative Party.
No, you're absolutely right. It's not just the impression you get on TV.
Agreed
The republicans are way worse actually. If you are even mildly moderate. You are either very rare or a democrat.
And also worth pointing out: its in a situation like that where bottom feeders like Blunt see opportunity.
This feels very relevant in relation to the NFT bubble
After this episode, I'm way more excited for the rest of the series than I have any right to be. Great job EH!
As a side note, also great choice of ending music.
YES! Back already! I love Extra History. Sometimes even more than the original series! :)
Hard to make economics entertaining, but this series did great with it. Always my favorite extra history episodes
This in my opinion is the best EH series they have made
It’s crazy how over half a decade later, we have yet to see the life of Caesar or the Spanish Inquisition
You guys read the RUclips comments? That's awesome!
I love the way you guys cover important historical events that are often overlooked.
Also, this episode also reminded me of a game about the opium war called High Tea that is on Kongregate. No idea why.
revisiting in light of recent news in stonks
Is this kinda what's going on with gamestop right now?
the best part about this series is the whole intro
"we threw it in on a lark"
BOI. this is my GO-TO historical fun freaking mind-blower.
i tell a shortened version of this story several times a year
Is Blunt the guy Littlefinger is based on?
would not surprise me if he was.
You'd probably have to go much further back, since GoT is based loosely on the Wars of the Roses
that would be Walpole.
if you think of it, Littlefinger was based not on a certain man, but on an image that one man created - Machiavelli
Gotta love some good old-fashioned 1700's-style Enronomics.
I like how sympathetic Extra History makes Mr. Harly when otherwise we'd view him simply as a purely corrupt politician...However it shows sometimes in imperfect political systems corruption and sketchy practices is the only way forward. (Note personally such measures should always be temporary until government reforms etc are enacted)
This seems really awesome, and I've never heard of it before, so good on you guys.
Keep up the good work!
Damn i didn't know England was Greece at one point.
Can you like not N BECAUSE IT! turned others nation's into...greeceS,ISNT anymore...
@@vasilykatuma5689 Do you even English?
@@HistoryNerd808 THANK GOD, after your LEAVING, in a generation or two,our children wont have to, PIMPS of nations!
@@vasilykatuma5689 What are you talking about?
@@HistoryNerd808 This will happen after brexit...finally your england will show its ROTTEN TEETH behind its polished (with the blood of others...) front...that.
I’m watching this to get to the bottom of the Walpole meme
what is that meme and feel free to meme me to death for not knowing
@@Ttæœ I think Walpole gets mentioned in episode 5 of this series, but tl;dr he's a mad lad who was the reason behind a lot of things happening
@@EthanDyTioco thanks
gamestop or whatever
I am so excited about this series! I've already watched the video twice. Goodness, how do you make "X-treme Finance!" look this cool?
I'm surprised this story is not a major motion picture yet.
I've showed all your videos to my friends, they love your history segments because they find how you teach it amazingly interesting.
i found your channel last night and i love it can't wait for the crusades part 2
South Sea Company won the vote? I was expecting the Spanish Inquisition.
The shall make the Inquisition Episode right after this one. Because nobody expects the Inquisition.
Everyone expects the Spanish Inquisition.
Nobody was expecting the Spanish Inquisition!
...To lose.
Sticker704 Seems he did.
The Spanish Inquisition is a conspiracy invented by the jews, you guys!
3:00 it took me 6 years before i thought to myself:
"wait. isn't National debt one of those debts that is virtually never actually paid off? they just keep adding onto it "for ever" ("as long as the country's GDP grows more then the debt, we're fine") ?"
I'd love to see a series on the history of the HRE/ hapsburg monachy
I can't stop watching this, I must've watched this whole series like 10 times this month alone
The saddest part is that Dan never got to investigate Caesar or the Spanish inquisition
Great work guys, who knew debt could be so interesting? (But plz talk about caesar too)
PLEASE do Marie Curie, she’s my idol, and she deserves a lot of recognition, why? Because:
-First woman to ever win a Nobel Prize.
-First person to win two of them.
-First woman in all of Europe to earn a doctorate degree.
-Discovered Radium and Polonium.
-Coined the term “radiation”.
-Is generally awesome.
Um, she already has recognition.
Can I suggest the War of Spanish Succession? That's a lot of political chicanery and incredibly influential.
No, all the 18th century, when one could see a European in its natural habitat.
Robl Nathan the 18th century, where Europeans spent most of their time in other peoples' lands.
This is the series that made me fall in love with Extra History.
John Blunt. What an SOB. Thanks for making the financial story of how people were screwed so simple. I'm a history buff and you guys are great!
Love the use of FFXI Music. Selbina's theme works beautifully here :D
Years later, thanks for helping me find the song, I swear the used to say what it was in the end credits.
It would be cool if somebody threw together some sort of diagram describing Blunt's plan in more detail than it receives in the video.
Wow. I wasn't expecting anything about economics with this series. Thanks :)
Gives me hope that maybe they'll do the Great Depression one day. Or maybe the robber barons.
Thank you so much sharing this useful data ! Greatly appreciated.
This 3-episode series was awesome! It was fascinating as all hell.
It's five episodes.
Just rewatched this after seeing the film The Favourite (with the incredibly talented Olivia Coleman) it was interesting to names from the film pop up in this, and to see Harley's motivations to lobby for peace in the war with Spain
Refreshingly Cynical dude, me too. Love when there’s crossover between EH and other things I’ve seen, or hell, when EH crosses over with EH.
I too got a lot of enjoyment out of knowing the insane, movie-worthy story happening just offscreen.
Ahem... there was already Great Britain in the very early 1700s, because Great Britain is the geographical name of the island. You mean there was no United Kingdom yet! (thanks CGP Grey)
You are thinking of the modern idea of Great Britain they are talking about the Kingdom of Great Britain, Grey's video does not apply to this period of history.
Jeremiah B In the beginning of the video they imply that Great Britain arose after Scotland and England were reunited, and that's still a wrong implication, given that Great Britain is a geographical term.
VixVixious When it was first united it was called the Kingdom of Great Britain as it did not include the Kingdom of Ireland and as such only was the Kingdom of the island of Great Britain, hence the name. After 1801 the Kingdom of Ireland was merged with the Kingdom of Great Britain to create the United Kingdom of Great Britain and Ireland. After most of Ireland seceded, the name was changed to the United Kingdom of Great Britain and Northern Ireland, which CGP Grey explains.
VixVixious An argument in semantics really, as Great Britain is BOTH a geographical and political term. "Great Britain" refers to the island and it also refers to the kingdom. It should be known that "Great Britain" is also the name of the island, but considering that we are dealing with the relationships of countries and kingdoms here (and since most people associate the term with a kingdom *anyway*), it isn't really necessary.
No, Great Britain James the 1st of England/6th of Scotland came up with the term.
Who knew that four years later Walpole is still causing mayhem?
Coming back to rewatch this series (again), just because it's so, so awesomely made.
The fact that this was one of your EARLY episodes is what I adore about this channel.
Anyone want a extra H. series on the life of Ceasar?
They kinda covered the Spanish inquisition with their Jewish Pirates episodes, so that's not needed anytime soon.
eh...
You should consider a better acronym for Extra History. Something better than eh.
They should change it to History Extra. ¦]
Jeremiah B Then a series of History Extra would be HeHeHeHeHe
Onebadterran That sounds like a lot of Helium.
oh my god they're SECRETLY CANADIAN
They should call it Super History Unveiling Tutor: Ultimate Publication.
Watching this again in 2023 is a wild ride
This is the best series of all the extra history's.
This is real life Spice and Wolf. I'm prepared.
You know what would be brilliant? Uploading Episode 1 of a series, and then uploading Episode 1 of the Spanish Inquisition, the next week.
0.o wow, Mr. Blunt has very few scruples indeed.
I watch this all the time, and have been since it was released. I think it may be the best
This topic has given me an EXCELLENT idea to make sense of some plot points for a fanfic I'm writing.
I don't get why what he did would be considered Illegal. You hear all the time of companies buying up stuff on the down low in preparation for a project. This is because they don't want word to get out and the price to skyrocket.
It also wouldn't be considered insider trading because he wasn't buying or selling the stocks himself. He was dealing in government debt on the side. He created an artificial shortage of the debt notes to drive the price up which is the same thing other industries do, such as diamond industry, yet it's perfectly legal. Diamonds are extremely common yet a few companies horde them to create a shortage and drive up prices.
The problem is that he's artificially inflating the demand for a good, not that he's buying low and selling high. The people who end up with those debentures sold land for something that will be completely worthless in a few weeks. Though, since the government was the one who ended up with them, it's actually not that bad in this case.
Dagda Mor
Again look at the diamond market. They horde diamonds to create the illusion that it's some rare stone when in reality they are extremely common. Combined with emotional marketing about "Diamonds are forever" and drive up prices. Which is what he did.
And as for giving someone something that was worthless, he was not. He was allowing the government to pay off their debt with land. It's like if you take out a loan from a bank. Then that bank sells your loan to someone else. That someone else comes to you and says, "Hay, I'll forget your loan if you sell me your car." Or offers some other trade. Well you do legally own money to the person who holds the note on your loan. And if they are willing to accept some form of payment other than cash you are within your right to do it, even if it's not as good of a deal as it could be.
Debt is basically cleared as "paid" at that point because the person owes money to themselves. That is basically what money was originally as it was a bank/government IOU for some amount of gold/silver. Once the debt note (aka paper money) was returned an item of actual value (silver/gold) was given to them, only in this case it was land.
PyroMancer2k Er...Diamonds are the most common of gems but that doesn't mean that they are "extremely common" in general. They are still quite rare (as all gems are). However, diamonds are only found in certain deposits and companies try to control those deposits as close as they can.
Advertising is one thing. However, influencing a market with artificial demand and insider knowledge is definitely illegal. In fact, De Beers couldn't do business in the US (and Canada and other countries) because of this (heard of the Antitrust Act?).
John Blunt did something similar. He bought up army notes knowing that the price was going to be driven up by the offer he made. At that point, he could influence the price based on the amount of notes he had and the deal he made. What Blunt did was only a few steps away from being a full-blown Ponzi Scheme.
Wiccanwolf08
The Antitrust Act deals with preventing monopolies. What's talked about in the video has nothing to do with monopolies.
Also I meant extremely common among gem stone. And that doesn't negate the fact that those companies which try to control all the deposits do so because they want to create a shortage just like Opec does with Oil market.
And again he was manipulating the value of a commodity he did not own. He was not manipulating his stock price or buying/selling stock based on fore knowledge, that's what insider trading deals with.
Since the notes are actually more akin to current paper money issued by the government these days. What he did would be more on par with currency manipulation, something governments do all the time to try and gain an advantage on the global trading market.
Also I don't think you know what a Ponzi-Scheme is if you think that's what is described in the video, because it's not even close. A Ponzi Scheme is when you take an initial investment from someone and promise a curtain return. Then instead of actually doing some business that earns money you instead spend time finding more investors and use the later investors to pay off the original investors so as to appear that the company is making money. But since the company doesn't actually make anything and eventually you run out of suckers to invest the money dries up and later investors end up losing their money.
I brought up the Anti-Trust Act in reference to the diamond industry. Creating artificial shortages is something that they don't get away with and with De Beers being barred from the US (at one point) because of this, it is a good example.
Also, I think you are under the impression that insider trading only deals with stocks when it doesn't. Insider trading involves trading with ANY company owned security with non-public knowledge. This includes bonds, stocks, and of course, debentures. John Blunt (and therefore HSBC) certainly owned those debentures, as he bought them before making the offer. And he influenced the price of those debentures with the offer that he made, which is certainly illegal and fits under the textbook definition of insider trading. I would be flexible with the "currency manipulation" thing if a debenture wasn't definitely a type of security and that trading a security based on non-public knowledge wasn't definitely insider trading.
Wasn't expecting the Spanish Inquisition.
when i die tell my family it was walpole
I read that story in the book, but i couldn't find this extra story in RUclips Korea. So thank you for making this video and subtitle :)
I freaking love extra history. I don't care what historical event you guys do, the videos are so informative and entertaining I cant get enough
0:55 sadly you will never get the chance
Suggestion:
Han empire in china
Yue fei chronicle
Great videos. Keep up the good work!
I'm gonna be that guy and say Wales is also part of the UK mainland, not everything below Scotland is England.
Wales, at that time, was part of the kingdom of england. They probably should have included that in the video, but they're not technically wrong. :)
+Aguila701 Funny, the Frankish word for foreigner is Wallah
Am I the only one that thinks that this should be a movie. This is so good.
I truly believe the History Channel should fund this fantastic team. The amount of cash thrown onto the current shows on HC is a crime against humanity.
My brain hurts... I hate financial stuff...
Ironically, this is easier to follow for me than the other stuff they've covered.
+Bliffity My friends and I used to watch this series at work during breaks. My Heathen friend found it easy to follow the names of the Roman Empire but I got lost. I found it easy to follow all the names of the Sengoku Judai but he got lost. We both wound up explaining to each other for days after.
I remember no names but it makes perfect sense.
To put it simply, he bought up a ton of something worthless, artificially drove up the price of it, and then sold them at max profit.
To put it simpler, dumb people who don't really know the value of something got swindled.
To put it simplest, bunch of people got ripped off.
In fairness, this scheme was very clearly created to make brains hurt. It's not your regular finance tool.
The interesting thing is, while the UK are still paying the old debt, the value of it is so small that it's dwarfed by the debt resulting from the two world wars. And the value of those debts are again dwarfed by the debt from 2008 and onwards. Which incidentally is why the Tories are trying to save money. Turns out the expanding economy and inflation more or less fixes it.
+Bliffity
It's delightfully entertaining too.
it's a....blunt.....sword
This entire series is magic. This type of financial magic is beautiful
Illegal, but beautiful