South Sea Company

Electronic grid deflecting type three.

The biggest fraud since the South Sea bubble.

Colonel Bostwick.

Oh, take

So culpability is a different issue from profitability that Robert and his allies have picked up on.

What they found is that most of the returns, most of the profits on Queen Anne's bounty investments in the South Sea Company came from annuities rather than shares in the slave trading branch.

But what they're trying to gloss over is that the investors for the church, the commissioners' predecessors, knowingly invested in the company while it was a slave trading company, and that for a decade in which they held those shares, it trafficked 20,000 people across the Atlantic.

And they didn't make as much money from that as they had hoped.

Yes.

He lost his entire life savings in the South Sea bubble of 1720.

Wait,

really?

They just get taken to excess.

So whether you're talking about the South Sea bubble, or the tulip bulb mania, or the Mississippi land rush, or dot com, or the Japanese market, I've been around for some of those, not all of them.

The pattern's always the same.

I'm sure you've read Extraordinary Delusions and the Madness of Crowds.

Fabulous book.

Chronicles of great bubbles throughout history.

In particular, what comes to mind, Dutch Tulip Old Mania and the South Sea Bubble.

At the height of the mania in the South Sea Bubble in London, I guess you could say that's the sort of precursor to a SPAC.

both stanhope and sunderland who were the leading spirits in the new administration were able and industrious ministers though the latter represented the oligarchical views held by a large portion of the dominant under the influence of the former minister the schism and occasional conformity acts were repealed to the great joy of the whole body of protestant dissenters while sunderland was responsible for the attempt to pass the peerage bill in seventeen nineteen the whig aristocracy as a body feared the power of the crown as much as that of the people they wished to perpetuate their predominance and to become permanently independent of royal influence it was feared that the prince of wales who was still on bad terms with his father would on his accession overthrow the existing ministry by means of a creation of peers the government therefore brought in a bill which provided that the crown should not have the power of adding more than six new peerages to the existing one hundred and seventy eight so that there should never be more than one hundred and eighty four in all had this bill been carried an exclusive hereditary nobility would have been created and no means would have existed for bringing pressure to bear on the house of lords when serious differences arose between it and the commons fortunately the opposition of walpole to the measure proved successful and the bill was rejected by two hundred and nine to one hundred and seventy seven the skill judgment and firmness of walpole had saved our system of government from a great disaster Shortly afterwards, a sort of reconciliation was patched up between the two Whig factions, and Townshend became Lord President, while Walpole was made paymaster of the forces.

All opposition to the government ceased, but in 1721 the ministry was ruined owing to the South Sea bubble.

The South Sea Company, a trading venture started in 1711, had been greatly benefited by the grant of the asiento, or right to supply Spanish America with Negro slaves and to send one ship annually to the Spanish colonies in South America.

Though ostensibly a trading body, the company was mainly interested in financial operations.

You're saying that you're making a dumb investment on the hopes that people will be dumber than you and buy later.

Newton tried to do the same thing, was one of the highest IQ people of his age, didn't end well with the South Sea Company, and we've seen it time and time again.

Here's high-yield spreads, triple C, blown out.

rocket company to GPU landlord, so this shows the growth of the...