A history of manias, panics and crashes: the ‘Pit’ refers to the trading pit; the ‘Pendulum’ to how traders’ emotions swing back and forth.
Ranging from the Dutch tulip bubble of 1637 to Mexico’s Peso crisis of 1994, Part II also explores various manias and panics in 19th century America, including in railroads, land and mines.
Our third instalment of historic follies charts banking crises in 14th century Florence and 19th century Brazil, an 1869 attempt to corner the gold market, Australia’s nickel boom of 1969 and the Russian Rouble crisis of 1998.
All aboard the gravy train (1845 - 1947). The advent of steam travel sparked a boom in railway stocks in England and even Austria. But as the boom hit the skids, families were ruined and several banks failed.
The panic of 1825 was the culmination of several years of euphoric investment in sovereign debt and precious metals that included one of the most remarkable swindles of all time: bonds sold in the name of a made-up country, called Poyais.