About 300 years ago, financiers in Europe found themselves agog about the financial prospects of novel trading companies granted special rights in international commerce by the governments of France and England. The shares of these trading vehicles—England’s South Sea Company and France’s Mississippi Company—soared and then collapsed in 1720, wiping out hordes of angry investors.
Episodes like that have some economic historians wrinkling their brows about what is happening in financial markets today, with Wall Street once again in the embrace of perplexing crazes for new investment vehicles. The price of bitcoin, the cryptocurrency, has risen more than sixfold in the past year. Meantime, shell companies called special-purpose acquisition companies—also known as SPACs, which list on a stock exchange and then buy target companies—have raised more than $100 billion this year, according to Dealogic. Investors are also clamoring for nonfungible tokens, digital certificates to online collector’s items, like art or autographs.
Most likely it is the us dollar that will go bust.
Interested? My paper 'The present crisis, a pattern' Hypothesis that coming crisis can be explained by transition theory
Tulips.
Herd Behavior Crowds, like sheep, are only as safe as the shepherds who guide them. If the shepherd is mad, so too is the crowd. Today, central bank shepherds are leading the vast majority of investors over a cliff. Stock Prices vs Stock Profits
This is true, when the average American cannot simply grow one’s money through earning sufficient interest in a bank, one will often resort to desperately risky measures to grow the meager savings. The premise of Breaking Bad was built on this very point.
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