Kinda like how SA government officials were making money from power plants breaking down. I don't think the world will learn this lesson for a long time.
bradypus55 That should be the answer to all the unanswered questions. "But who was Jack the Ripper? It was Walpole." "So who really built the Sphinx? It was Walpole." "And to this day, no one knows who was responsible for 'Kilroy was here'. It's one of those mysteries that may never be-- it was Walpole."
We all know that the lesson we learned is : HOW TO DO IT ALL OVER AGAIN ! But the bad stuff we just won't be doing that part. ...or so human nature would think.
"I hope we learn it someday". This has been the most intreresting so far, as so many of the strategies and techniques used mirror the current economic crisis.
Apparently, this comment, alongside yours, was the reason why I even know it's not released with the title 'It Was Walpole' (I was into the EH wagon only quite recently). ua-cam.com/video/a_1IpUCUuVc/v-deo.html&lc=Ugg3SJuLfMx-LHgCoAEC
+Daniel England 'The Way We Live Now' was a book written during this time based on this EXACT topic- they made a series on it of the same name (which was AMAZING)
Seriously, Blunt must have had the universe's most magical rabbit's foot in his pocket to have made out like he did at the end of this. Committing all of the illegals, and in the end he goes free with a nice bank account & a royal title. What the hell, government?
ClockworkHeart42 Blunt very likely made a deal with Walpole. In exchange for the dirt against Walpole's enemies, he get to keep some money and more importantly the title. Walpole probably wanted to keep Blunt's head above the fireplace in his study but facing the choice between Blunt's head and the ability to do away with his political enemies, well he choose the obvious one and Blunt got away burned but not scalded.
Larry Zambrano that and the fact that blunt propably knew that walpole was involved in the whole mess ths if blunt had fallen he would have spilled the beans and ruined walpoles public immage.
When you lose your keys, and you can never find them until it's way past when you needed them, it was Walpole. When that one sock goes missing, leaving it's brother all alone, it was Walpole. When you stub your toe, and you swear the table had moved to d- it was Walpole. And he's making bank every second of it.
That closing line was amazing. "this was a good lesson. I hope we learn it some day". ...*(looks at Wall Street and the 2008 crash and how they got away with it)* ...Yeeeep. Yep I hope we learn it someday. Also, I love hearing about these kinds of insane political machinations. XD They make for hilarious stories.
Aegix Drakan I wouldn't exactly say they 'got away with it'--the biggest corporations got bailouts, certainly, but anything smaller suffered a lot. Remember how many layoffs there were in the games industry around that time?
Supra_Hans Exactly. No banking executives went to jail, their fines were a small percentage of what they made through the fraud (they didn't even have to pay back all that they stole), and now they're arguing for even LESS regulation. Yeah, the smaller banks and North America in general suffered, but the guys who caused the crash? Off scott free. :(
Haha, well done EC. I was amused througout the whole story, and quite a few laughters in between thanks to the artist and narration. You guys set the bar quite high. My hat's off to you.
Good lord. I'm utterly mystified by the insanity of this last part. ...I still to this day do not understand how the hell Blunt got away like he did, though.Also, I can't help but giggle at the fact you linked the MMO Economy thing at the end of this.
***** Blunt knew names and amounts, no surprises there. Thus he got left with some money and the baronetcy, which was worth a lot more. His son kept the family fortune and supported his father until his death.
Larry Zambrano Oh, I understand how he did it from a purely literal standpoint, But I meant it in a "How could this have happened" sort of way, just upset at the injustice of a man who decimated so many lives was allowed to get away with it without being rightfully lynched.
***** Well he was lucky that Walpole was trying for a bigger prize than his head: to control Great Britain in the name of the king. Blunt had the dirt on all of Walpole's political enemies so he very likely made a deal for leniency. Both men got what they wanted: Walpole became Prime Minister and Blunt didn't end in jail nor impoverished.
Well, it's been a crazy ride, but that's it for the South Sea Bubble story! We'll be back on May 9 for another "Lies" episode from James. Then from May 16 on, Extra History will come out EVERY WEEK thanks to our supporters on Patreon! bit.ly/EHPatreon
"This was a good lesson, and I hope we learn it someday." That was one of the funniest lines I have ever heard on youtube. Probably anywhere, in regards to history. I am so happy this series exists, and I hope you guys continue forever.
Can't speak for anyone else, but the lesson I take from this is that as sucky as paying taxes is, it's way more efficient than the alternative ways for governments to raise capital. Also I suppose the danger of government gridlock.
Jessica, try not paying taxes and see what happens legally... and tell me from prison it's not legal. Constitution gives congress authority to regulate commerce and set taxes on anything. Judiciary has upheld just about every type of tax, and backs IRS as the agency that enforces tax law. And central bank is another method of "regulating". I think a Federal Co-Op Reserve Bank would be better that has branches that lend directly to co-op enterprises at a discount would be better than our current lending at a discount to for profit banks.... cut out the middleman. And install co-ops as a means of production where all workers get a vote in the operations of the business... they're the board of directors or at least voting rights of the board.
@@jessicawalters753 The Sixteenth Amendment to the United States Constitution reads, "The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration."
Me watching this in early 2015: "Wow, that level of government conspiracy, duplicity, and corruption at the very highest levels is so crazy!" Me watching this in early 2017: "I have now seen crazier."
I actually showed one of my teachers one of your video game creation video and he subscribed and actually showed the class of the next semester of high school.
Although we sneer at people today for not remembering the lesson of the South Sea Bubble, it should have been fresh in the minds of the French in 1718, but they nevertheless had a nearly identical bubble in 1718-1720 in the "Mississippi Bubble." Both were wonderfully documented in Charles McKay's brilliant _Extraordinary Popular Delusions and the Madness of Crowds_ published in 1841. That book should be a mandatory textbook for every person working in government and finance.
I hope Extra History will have more of these non-violent stories to tell us once in a while. It's really refreshing not to hear of thousands of people dieing once in a while xD Love this show
CornishCreamtea07 these mistakes have been made repeatedly for as long as printed money and bonds have been issued as currency. When you have large scale debt trading done by greedy people with no regard for the ethics of what they are doing you end up with massive financial crises. A lot of the world still hasn't recovered from the last global financial crisis, which happened under remarkably similar circumstances. Just like the South Sea Bubble powerful people in government bailed out the people responsible, and very few seem to have been held accountable for their actions, in fact quite a lot of them ended up with bonuses and payouts that left them in a better position than they started. It's lessons like this that are the reason it's so important that people learn history, and more importantly, learn from it.
Hell they have been made in Spain for quite some time, in 20 years when everything is setlet up maybe Extra history will made a video on that, a quick spoiler, this is part of a list of the ilegal financiating of the biggest political part on Spain, the current goverment images.teinteresa.es/politica/papeles-secretos-Barcenas-Elpaiscom_TINIMA20130131_0014_20.jpg Our president is called Mariano Rajoy and the other 2 names are already on prision
Simply put, this has become my favorite side series on the channel. I've binged watched all that's been given and felt both smarter as well as entertained from begging to end. This is so much more than I can say from any class, show, or series I've seen anywhere prior or since. Keep at it!
Despite knowing that there's probably at least a few inaccuracies in this, I like that you guys are making informative history videos. Keep up the great work. Thank you
Me being a war geek, I thought I wanted to see what you have been making. Extra war history. But never had I been so entertained and interested in economic history in my life. You guys published something I thought I wouldn't like, I trusted you and you delivered. You guys are AWESOME
So we have one guy who tried to run a Ponzi Scheme on an epic level that even centuries later Charles Ponzi (Man that the scheme was named after) could ever dream about. Then we got Walpole who utterly just went Red Wedding (without all the stabbing and murdering) on everyone standing in his way for a rather big government title and a sizable wealth. All to keep the King of England from losing the Family Jewels and then some. You know what. This is so epic that really this cannot be true. This has to be utter fantasy. No, way in hell this is true. ....it is true...son of a bitch. I think we should just burn Hollywood to the ground. Who needs them?
Have been a huge fan of you guys for a few years now. Your series on the Sengoku Jidai was amazing. I've enjoyed this series even more! Can't wait to see what's next!!
@@MatthewDoel32 ...eh. Cromwell seemed to actually believe what he was preaching, whereas Littlefinger is super-hypocritical. I've seen online comparisons to Richard Neville and *Thomas* Cromwell, as both had a bit of manipulative self-serving councilor in them, But really, Littlefinger's probably just a pastiche.
This was one of the most interesting history stories Ive ever heard, while also being something I never thought I'd have an interest in. Great content. You've gotten a new subscriber.
Another fantastic episode of another excellent series of Extra History. You guys really do a ridiculously good job of making these subjects really entertaining. I have been particularly interested in this on as I live in England and listening to our politicians discuss the current national debt and how it needs to be managed really puts a lot of this story into context for me. I think the Extra History series has so much more to give but I do have one suggestion... Maybe you could consider covering some of the events that are covered in the history curricula around the world (although in English speaking countries maybe makes the most sense) as I think that your videos would really help to bring some of these potentially dry topics to life for the students studying them. Not everyone is blessed with a passionate and creative teacher but I think if your videos covered some of the history topics that needed to be covered in schools, only the daftest of teachers would choose not to make use of them. We'll that's my thoughts on the subject anyway. Keep up the good work and I look forward to the starts of your next series.
''This is a good lesson, I hope we learn it some day.'':very nice choice of words in that final line. It really relates to the current crisis. It has been a fun series and I can't wait for the next one so keep it up.
What?! So basically everyone got away. Sigh.......................... I was hoping Blunt would be at least put in prison or something. Bastard even came out with profit.
i just discovered your channel today. WatchMojo did a video about UA-camrs that were underrated, that is how I heard of you. I don't know how i could have missed a channel this amazing. Your videos are great. THANK YOU SOO MUCH!!!
Very cool! I really enjoyed this history lesson. I stumbled upon your channel a few months ago and have since been very impressed and have enjoyed immensely your videos. I find them well thought out, with good solid information, without having personal opinion thrown in as fact. Thank you for doing such a great job in informing people.
This was so amazing, I absolutely love the work you guys are doing. You've earned my subscription tenfold. I can't wait for more videos I can bombard my friend's Facebook pages with.
And now, centuries later, Carles Puigdemont (who was to be called to testify before the Court) ran away to Brussels over the weekend, taking advantage of the fact that the Spanish government would not take legal action against him until Monday. Maybe he was inspired by this episode? Or was it Walpole the one who gave him the idea?
@@johnercek 3 years later, after years of studies, peer reviews, extensive source-searching with a team of tens, we have come to the conclusion that: it _WAS_ Walpole.
Shenanigans. This whole story. Pure shenanigans. Pure, unadulterated, full blooded, whole hearted, indivisible SHENANIGANS! You guys made finance interedting and fun to watch and learn about. Out of all the extra histories thus far, by the end of this series I was laughing and yelling at my screen "WHAT?!?! Are you KIDDING ME?!" Excellent work ;) I didn't even know I liked history. Great work
Who's been messing up everything? It's been Walpole all along Who's been pulling every evil string? It's been Walpole all along He's insidious (ha-ha!) So perfidious That you haven't even noticed And the pity is (the pity is) Pity, pity, pity, pity It's too late to fix anything Now that everything has gone wrong Thanks to Walpole(ha!) Naughty Walpole It's been Walpole all along! And I exiled Knight too
Ushio01 Imo, their families shoulda lost all the wealth that was gained from it even after their death. Should set things right. Sure they might not have been involved, but their family shouldn't get to benefit cause their other family members rigged the shit up and ruined so many others.
The God Emperor instead of ripping their wealth away, why not ask them to put it to good use, like charities or public work projects? It let's them keep their livelyhood without punishing the wrong people.
***** No, fuck that. They got the wealth in unfair means, they don't deserve it. It was never honestly earned, there's no reason they should get to have it. I am not saying they can't still be given some back to live off of, but not much and make them go work for themselves to earn their own wealth legitimately.
The God Emperor I can't and won't ever agree with that. Your going to punish the son for the sins of the father? How is that at all reasonable when the son in question did nothing wrong to deserve such a fate? No one alive would get anything out of taking their money away. The money you could theoretically remove from them would be like adding a tiny stone to the bottom of a lake of debt: barely worth the effort of robbing it from people you can't possibly have the right to judge. If none of this seems to get through to you, how about I present a situation with YOU as the example? If you were well off, but then, after getting out of college, suddenly the government says that your grandfather dealt drugs to amass his wealth you now use? I am sure you would want to keep it. Even if you try to defend it, saying "Oh no, I would definitely give it back, I couldn't BEAR to keep such evil money" it would be a hollow promise. Money is money, and although it was gained wrongly, you did nothing wrong in the process, and have no reason to feel wrong, or have that money taken from you.
This quirky history theme is much more interesting than lists about video games. IMO you should keep doing these scholarly videos because they are really good
Fun Fact: The position of "Prime Minister" didn't exist yet, Robert Walpole was the first, and it was used as a negative term that implied he had more power than he should.
"This is a good lesson. I hope we learn it someday"
Legitimately had me in stitches. 10/10.
Miyamoto Fan I just smiled and shook my head. And then looked at Wall Street. :P
Indeed. Too bad Washington will never learn this lesson.
Kinda like how SA government officials were making money from power plants breaking down. I don't think the world will learn this lesson for a long time.
Miyamoto Fan I hope we learn it someday... I really do hope people learn this... WALLSTREET!!!!
Miyamoto Fan Quoting Yahtzee: "Let's all laugh at an industry that never learns anything, he he he"
"This is a good lesson. I hope we learn it some day." Never have I heard such a damning and cynical line delivered with such honesty and brightness.
Boi
That line has been going through my head for the last eight years
It's extremely anti-Semitic for commoners to learn financial/political lessons.
@@operacarmenpart of the ship
@@FusionFox-ih6hr what ship?
"And then, who knows who took over th-It was Walpole..."
I love that line!
bradypus55 That should be the answer to all the unanswered questions.
"But who was Jack the Ripper? It was Walpole."
"So who really built the Sphinx? It was Walpole."
"And to this day, no one knows who was responsible for 'Kilroy was here'. It's one of those mysteries that may never be-- it was Walpole."
Getting real tired of your s**t, Walpole... :P
William Bowles a meme has. Just been born
bradypus55 ua-cam.com/video/a_1IpUCUuVc/v-deo.html (the part where it says that famous line)
William Bowles Who is responsible for telling the Chaos Gods that Horus was vulnerable to corrupti- It Was Walpole.
This is the most British coup d'etat I've ever heard of
M.W. Vaughn your comment is underrated
The British soldiers in Australia in 1808 did something even more characteristic of their culture.
M.W. Vaughn Naw, that was Iran in 1953 along with Ike.
I finally get all the Walpole jokes now
Me too
+Sir Robert Walpole WALPOLE PLZ STAHP
I still don't x_x
no u
And now you know!
"This is a good lesson; I hope we learn it someday"
lol
i'm sure some one could have learn-
it was Walpole
One of their best lines.
We all know that the lesson we learned is : HOW TO DO IT ALL OVER AGAIN ! But the bad stuff we just won't be doing that part.
...or so human nature would think.
Financial crisis *cough* *cough*
I'm surprised that no one has blamed the Jews so far.
In my finance class, we had to write a business plan for a hypothetical company. I copied Blunt's.
The teacher laughed when he read my plan and called me out.
Nice
Sam Wolfenstein If only you could give him walpole plushies.
Sam Wolfenstein What an ironically Walpoleon thing to do.
Sam Wolfenstein, PLEASE tell me it worked out, did you bribe the teacher with shares in this company to let you keep at it?
Who stole the cookies from the cookie ja- it was Walpole.
Who let the dogs ou- It was Walpole.
Who’s been destroying choler- It was Walpole
Walpole! How could you take my cookies!
T^T
I’m sorry, I was hungry okay?!
My cookies!! T^T
No one expects the Spanish Inquisi-- It was Walpole.
@Christian Neihart
fool, Walpole *is* the *Spanish* inquisition
Walpole Inquisition
@@pumpkinpixie9677 spanish walpole
Ah, you may of thought it was Dio, but it was I, Walpole!
MUDA, MUDA, MUDA!
Leave extra credits alone walpole
MOOLAH MOOLAH MOOLAH!
KONO WALPOLE DA!
Christ this joke is meta.
"I hope we learn it someday".
This has been the most intreresting so far, as so many of the strategies and techniques used mirror the current economic crisis.
Cut to 6 years later…
Economy in shambles
Currencies with no inherent value exist
Trade has slowed and inflation has increased
o en otras palabras en el idioma que compartimos, disfruto mucho tu contenido
We need a petition to have the episode name changed to "It was Walpole".
Aww, shucks!
Petition received!
Extra Credits HUZZAH!
I am new to this fantastic series.. What was the original name for this episode?
Oh my god it worked
It was Walpole.
William Bowles This needs to become a meme. XD
Aegix Drakan Brb, making this a meme.
William Bowles #ItWasWalpole
William Bowlesthe Video Game crash of 83? it was Walpole.
Bear Claw The Watergate Scandal? It was Walpole.
Still love a sword maker named Blunt.
Martin Drkoš this is like a shaggy dog story
Martin Drkoš Go watch Katanagatari, you'll love all the subversions in naming swords.
no it was Walpole who made the swords not blunt it was walpole
I like how Blunt was making Hollow Swords.
Or a hollow company in this case.
Martin Drkoš I do love myself
It's a good lesson. I hope we learn it someday.
Brutal.
googolplexbyte Best Line!
googolplexbyteFatality.
Flawless Victory.
googolplexbyte I have no idea what he could have possibly meant... oh wait...
googolplexbyte Savage
Twan de Graaf I have no idea what he could have meant eithe-Itwaswalpole
Didn't this episode use to be named "A Knight's Ledger"? I suppose Walpole's memetic status amongst the watcher base may have inspired a renaming.
*I T W A S W A L P O L E*
Apparently, this comment, alongside yours, was the reason why I even know it's not released with the title 'It Was Walpole' (I was into the EH wagon only quite recently).
ua-cam.com/video/a_1IpUCUuVc/v-deo.html&lc=Ugg3SJuLfMx-LHgCoAEC
Well spotted!
This is this episode's slogan "It was Wallpole"
I approve of that slogan.
The above message is approved by President Donald Trump.
No, this channels slogan is "it was Walpole" ;)
That's the slogan of the whole of extra history
@@robertwalpole360 Me to
God, I would LOVE to watch a House of Cards style show about the South Sea Company O.o
Funny you should say that, as House of Cards was originally British and set I. The 1990s House of Commons.
+Daniel England House of Cards? Why not Game of Thrones?
+Daniel England 'The Way We Live Now' was a book written during this time based on this EXACT topic- they made a series on it of the same name (which was AMAZING)
Seriously, Blunt must have had the universe's most magical rabbit's foot in his pocket to have made out like he did at the end of this. Committing all of the illegals, and in the end he goes free with a nice bank account & a royal title. What the hell, government?
ClockworkHeart42 What the hell government indeed.
ClockworkHeart42 Blunt very likely made a deal with Walpole. In exchange for the dirt against Walpole's enemies, he get to keep some money and more importantly the title. Walpole probably wanted to keep Blunt's head above the fireplace in his study but facing the choice between Blunt's head and the ability to do away with his political enemies, well he choose the obvious one and Blunt got away burned but not scalded.
ClockworkHeart42 It was Walpole.
Larry Zambrano that and the fact that blunt propably knew that walpole was involved in the whole mess ths if blunt had fallen he would have spilled the beans and ruined walpoles public immage.
ClockworkHeart42 if blunt would have fallen so would the whole government that was one of the main points of the story.
When you lose your keys, and you can never find them until it's way past when you needed them, it was Walpole.
When that one sock goes missing, leaving it's brother all alone, it was Walpole.
When you stub your toe, and you swear the table had moved to d- it was Walpole. And he's making bank every second of it.
so, Walpole was Macavity?
Ser Jorah Mormont took a bribe?!
I knew that he wasn't as honest and shiny as he pretends to, that old slave trader!
"But somebody tipped him off- It was Walpole." "Who knows where the ledger is- It was Walpole." #BLAMEWALPOLE
You should make "It was Walpole" shirts.
I would so desperately love to have one of those shirts.
They already had. Check their online store.
Harun al-Rashid I guess they read his comment
I kinda want a shirt about Wapole...
"Who took the last cook- It was Wapole"
"Who took my car?!- it was Wapole"
***** We're making this a meme. Spread the word.
Bluecho4 i did the first #itwaswapole meme in Lpstube! i hope this works!
wish granted
Is there anywhere online I can read a copy of Walpole's letter to the Austrians asking them to never, ever return Knight? I'm intrigued!
Seconded. I felt sure by the way it was built up that it'd be linked in the description. I'd really like to read it.
Julie Golick I also support this idea. Without a clearer idea of who the letter was to digging up is proving difficult.
I searched. Couldnt find ;-;
Just commenting here in case something comes up, because I would love to read that letter too.
Any updates on this, anyone?
The catch phrase of Extra History:
It was Walpole.
What about bismarck and his plans?
And *GET EM* ?
@@Numbers225 i hear he often has one
@@Numbers225 Bismarck always has a plan.
Or "Not Diocletian"
"I hope we learn it someday" best response to current economics ever.
Navnik BHSilver dude really like your avatar
It was walpole
"Government got their act together"
>Not Regigigas in a wig.
I am disappoint.
IT WAS WALPOLE
*a wild Walpole appears*
Robert Walpole go regice!
@@robertwalpole360 *throws master ball at Walpole*
That closing line was amazing. "this was a good lesson. I hope we learn it some day".
...*(looks at Wall Street and the 2008 crash and how they got away with it)* ...Yeeeep. Yep I hope we learn it someday.
Also, I love hearing about these kinds of insane political machinations. XD They make for hilarious stories.
Aegix Drakan I wouldn't exactly say they 'got away with it'--the biggest corporations got bailouts, certainly, but anything smaller suffered a lot. Remember how many layoffs there were in the games industry around that time?
Dagda Mor yeah, but the point is that it was the people in general who suffered. Those whose greed led to the crisis got off mostly scott-free.
Supra_Hans
Exactly. No banking executives went to jail, their fines were a small percentage of what they made through the fraud (they didn't even have to pay back all that they stole), and now they're arguing for even LESS regulation.
Yeah, the smaller banks and North America in general suffered, but the guys who caused the crash? Off scott free. :(
Aegix Drakan the more things change the more they stay the same!
@@AegixDrakan thats capitalism baby
who would win in a fight: Oda Nobunaga or Walpole?
Walpole would convince Suleiman to join him then they would beat Nobunaga.
the ledger
Neither, because they stood in the way of a good crusade.
Minrod Vils Easy. The team of Tokugawa Ieyasu and Robert of Flanders.
These fan theories are so interesting!
Haha, well done EC. I was amused througout the whole story, and quite a few laughters in between thanks to the artist and narration. You guys set the bar quite high. My hat's off to you.
I hope we learn it some day too...
it was walpole
lol, have you met this species?
Good lord. I'm utterly mystified by the insanity of this last part.
...I still to this day do not understand how the hell Blunt got away like he did, though.Also, I can't help but giggle at the fact you linked the MMO Economy thing at the end of this.
***** Simple: Blunt has "sharp" mind.
***** Blunt knew names and amounts, no surprises there. Thus he got left with some money and the baronetcy, which was worth a lot more. His son kept the family fortune and supported his father until his death.
Larry Zambrano Oh, I understand how he did it from a purely literal standpoint, But I meant it in a "How could this have happened" sort of way, just upset at the injustice of a man who decimated so many lives was allowed to get away with it without being rightfully lynched.
***** Well he was lucky that Walpole was trying for a bigger prize than his head: to control Great Britain in the name of the king. Blunt had the dirt on all of Walpole's political enemies so he very likely made a deal for leniency. Both men got what they wanted: Walpole became Prime Minister and Blunt didn't end in jail nor impoverished.
Larry Zambrano Oh, very good point. Thanks for that.
Walpole: Oh look at all this juicy, juicy chaos I can make use of!
Well, it's been a crazy ride, but that's it for the South Sea Bubble story! We'll be back on May 9 for another "Lies" episode from James. Then from May 16 on, Extra History will come out EVERY WEEK thanks to our supporters on Patreon!
bit.ly/EHPatreon
Extra Credits Every week! YAY!
Extra Credits This. This I need. I didn't particularly know I needed it, but I needed it.
Extra Credits TY so much for doing this! Keep up the good work :D
Extra Credits This is fantastic news, this has quickly become one of my favourite shows on UA-cam, glad to see it get the support it deserves!
Extra Credits the last monologue at the end basically describes USA
"This was a good lesson, and I hope we learn it someday." That was one of the funniest lines I have ever heard on youtube. Probably anywhere, in regards to history. I am so happy this series exists, and I hope you guys continue forever.
Jesus Christ that last line was so perfect to end this series.
Can't speak for anyone else, but the lesson I take from this is that as sucky as paying taxes is, it's way more efficient than the alternative ways for governments to raise capital. Also I suppose the danger of government gridlock.
We always end up paying for government spending somehow.
Taxes are fine if money is used on what they say it’s for but income tax is illegal in the U.S. so is a central bank.
Jessica Walters
Income taxes and central banking are both legal in the US.
Jessica, try not paying taxes and see what happens legally... and tell me from prison it's not legal.
Constitution gives congress authority to regulate commerce and set taxes on anything.
Judiciary has upheld just about every type of tax, and backs IRS as the agency that enforces tax law.
And central bank is another method of "regulating". I think a Federal Co-Op Reserve Bank would be better that has branches that lend directly to co-op enterprises at a discount would be better than our current lending at a discount to for profit banks.... cut out the middleman. And install co-ops as a means of production where all workers get a vote in the operations of the business... they're the board of directors or at least voting rights of the board.
@@jessicawalters753 The Sixteenth Amendment to the United States Constitution reads, "The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration."
I kept wondering, how were the players going to be horribly destroyed by the end of this. Then reminded this is reality. doh.
Me watching this in early 2015: "Wow, that level of government conspiracy, duplicity, and corruption at the very highest levels is so crazy!"
Me watching this in early 2017: "I have now seen crazier."
2019-Russian and Spanish economy in a nutshell.
welcome to 2020.
@@emberswords oh god
2022, and we've seen some of the most brazen crimes committed without a single iota of awareness for criminality or consequences.
@@bthsr7113 This is such a load of BS that it's almost funny.
I actually showed one of my teachers one of your video game creation video and he subscribed and actually showed the class of the next semester of high school.
Although we sneer at people today for not remembering the lesson of the South Sea Bubble, it should have been fresh in the minds of the French in 1718, but they nevertheless had a nearly identical bubble in 1718-1720 in the "Mississippi Bubble."
Both were wonderfully documented in Charles McKay's brilliant _Extraordinary Popular Delusions and the Madness of Crowds_ published in 1841. That book should be a mandatory textbook for every person working in government and finance.
Condor Boss A lot of people in politics and finance seem to know this and use it to fool the public again and again.
You're also assuming they can read, and don't have to double declutch to manage more than three syllables.
It was Walpole. It was always Walpole.
I chortled at that last line quiet a bit =P
"This is a good lesson, I hope we learn it some day "
I hope Extra History will have more of these non-violent stories to tell us once in a while. It's really refreshing not to hear of thousands of people dieing once in a while xD
Love this show
Broockle well guess what! thousands commited suicide becouse of this :D
YAY VIOLANCE!
I love how the drawings get more and more ludicrously styled as the story does!
"This is a good lesson. I hope we learn it some day."
Perfect line!
This story has more twists and turns than a maze! I almost felt seasick... amazing.
If you miss the good old days, don't worry, those mistakes are being made again.
Last edited by Ravinar 25/04/2015
CornishCreamtea07
"If you miss the good old days, don't worry, those mistakes are being made again."
Fixed
CornishCreamtea07
these mistakes have been made repeatedly for as long as printed money and bonds have been issued as currency.
When you have large scale debt trading done by greedy people with no regard for the ethics of what they are doing you end up with massive financial crises. A lot of the world still hasn't recovered from the last global financial crisis, which happened under remarkably similar circumstances. Just like the South Sea Bubble powerful people in government bailed out the people responsible, and very few seem to have been held accountable for their actions, in fact quite a lot of them ended up with bonuses and payouts that left them in a better position than they started.
It's lessons like this that are the reason it's so important that people learn history, and more importantly, learn from it.
CornishCreamtea07 Have been made and are being made again and again and again and again ...
Hell they have been made in Spain for quite some time, in 20 years when everything is setlet up maybe Extra history will made a video on that, a quick spoiler, this is part of a list of the ilegal financiating of the biggest political part on Spain, the current goverment
images.teinteresa.es/politica/papeles-secretos-Barcenas-Elpaiscom_TINIMA20130131_0014_20.jpg
Our president is called Mariano Rajoy and the other 2 names are already on prision
If Fallout was an economic simulator
Simply put, this has become my favorite side series on the channel. I've binged watched all that's been given and felt both smarter as well as entertained from begging to end. This is so much more than I can say from any class, show, or series I've seen anywhere prior or since. Keep at it!
And then Walpole did something, because it is always Walpole. to this day he probably pulls the strings behind governments
"It was Walpole." The precursor to "Bismarck ALWAYS has a plan"
"It was Walpole" needs to be a meme.
Magatsu Orpheus It is.
Despite knowing that there's probably at least a few inaccuracies in this, I like that you guys are making informative history videos. Keep up the great work. Thank you
"It was Walpole" brings back nostalgia from my 6th grade history teacher showing me these videos :)
Me being a war geek, I thought I wanted to see what you have been making. Extra war history. But never had I been so entertained and interested in economic history in my life. You guys published something I thought I wouldn't like, I trusted you and you delivered.
You guys are AWESOME
So we have one guy who tried to run a Ponzi Scheme on an epic level that even centuries later Charles Ponzi (Man that the scheme was named after) could ever dream about. Then we got Walpole who utterly just went Red Wedding (without all the stabbing and murdering) on everyone standing in his way for a rather big government title and a sizable wealth. All to keep the King of England from losing the Family Jewels and then some. You know what. This is so epic that really this cannot be true. This has to be utter fantasy. No, way in hell this is true.
....it is true...son of a bitch. I think we should just burn Hollywood to the ground. Who needs them?
Have been a huge fan of you guys for a few years now. Your series on the Sengoku Jidai was amazing. I've enjoyed this series even more! Can't wait to see what's next!!
So basically Walpole was the Littlefinger of England?
+Duma945 Cock Robin could take Littlefinger to the fuckin' cleaners...
No, Cromwell was the Littlefinger of England
@@MatthewDoel32 ...eh. Cromwell seemed to actually believe what he was preaching, whereas Littlefinger is super-hypocritical. I've seen online comparisons to Richard Neville and *Thomas* Cromwell, as both had a bit of manipulative self-serving councilor in them, But really, Littlefinger's probably just a pastiche.
This was one of the most interesting history stories Ive ever heard, while also being something I never thought I'd have an interest in.
Great content. You've gotten a new subscriber.
you guys should seriously put these on a dvd, with each series of episodes merged together as one large episode.
This has blown my mind, thanks for the video, the hard work you put into it shows, keep it up!
Once in a while I come to listen to "it was Walpole".
Another fantastic episode of another excellent series of Extra History. You guys really do a ridiculously good job of making these subjects really entertaining. I have been particularly interested in this on as I live in England and listening to our politicians discuss the current national debt and how it needs to be managed really puts a lot of this story into context for me.
I think the Extra History series has so much more to give but I do have one suggestion... Maybe you could consider covering some of the events that are covered in the history curricula around the world (although in English speaking countries maybe makes the most sense) as I think that your videos would really help to bring some of these potentially dry topics to life for the students studying them. Not everyone is blessed with a passionate and creative teacher but I think if your videos covered some of the history topics that needed to be covered in schools, only the daftest of teachers would choose not to make use of them.
We'll that's my thoughts on the subject anyway. Keep up the good work and I look forward to the starts of your next series.
Hm, which Extra History series should I binge watch today... How about Justinia-
It was -South Sea Bubble- Walpole.
Even in the face of some very heavy competition, this remains my favourite extra history series. Someone should make a film out of this story.
And who could possibly- It was Walpole.
It's always Walpole.
''This is a good lesson, I hope we learn it some day.'':very nice choice of words in that final line. It really relates to the current crisis. It has been a fun series and I can't wait for the next one so keep it up.
What?! So basically everyone got away.
Sigh..........................
I was hoping Blunt would be at least put in prison or something. Bastard even came out with profit.
Wow that hurts my soul
i just discovered your channel today. WatchMojo did a video about UA-camrs that were underrated, that is how I heard of you. I don't know how i could have missed a channel this amazing. Your videos are great. THANK YOU SOO MUCH!!!
7:16 He started with the Hollow Sword Blade Company to his name, which was probably a lot more than £5K.
I didn't want to pause the set of videos anywhere inbetween. Loved the way it's made ❤️.
I can't thank you enough for this.
I see this episode has a more appropriate title now. Must've been Walpole.
Possibly. ;)
Very cool! I really enjoyed this history lesson. I stumbled upon your channel a few months ago and have since been very impressed and have enjoyed immensely your videos. I find them well thought out, with good solid information, without having personal opinion thrown in as fact. Thank you for doing such a great job in informing people.
I want a series on the East India Company. That would be amazing.
This was the first Extra History that I watched (before going back to watch the old ones), and I can't believe that it was two years ago. Wow
And here I was, thinking that corruption was bad here in Spain.
Just kidding, it's still really, really bad.
This is still one of my favorite extra history. You don't get this kind of history anywhere else
EH: "This was a good lesson, I hope we learn it some day."
Me: "NFTs"
That last line of "This is a good lesson, I hope we learn it someday." hits hard nowadays.
83 videos in and I finally get this Walpole madness XD
Honestly, every story you guys put up here is worthy of an epic.
oh look history repeating itself, over, and over, and over, and over, and over
My absolute favourite extra history series. Historical finance just endagdes me like nothing else.
1:13 Ser Jorah Mormont, hahaha . Nice one.
This was so amazing, I absolutely love the work you guys are doing. You've earned my subscription tenfold. I can't wait for more videos I can bombard my friend's Facebook pages with.
And now, centuries later, Carles Puigdemont (who was to be called to testify before the Court) ran away to Brussels over the weekend, taking advantage of the fact that the Spanish government would not take legal action against him until Monday. Maybe he was inspired by this episode? Or was it Walpole the one who gave him the idea?
It was Walpole.
Sorry you had to wait a year for that.
@@johnercek 3 years later, after years of studies, peer reviews, extensive source-searching with a team of tens, we have come to the conclusion that:
it _WAS_ Walpole.
This HAS to be one of the best episodes of Extra History as a whole
Holy shit.... Blunt sounds like history's most accomplished swindler.
Shenanigans. This whole story. Pure shenanigans. Pure, unadulterated, full blooded, whole hearted, indivisible SHENANIGANS! You guys made finance interedting and fun to watch and learn about. Out of all the extra histories thus far, by the end of this series I was laughing and yelling at my screen "WHAT?!?! Are you KIDDING ME?!" Excellent work ;) I didn't even know I liked history. Great work
Who's been messing up everything?
It's been Walpole all along
Who's been pulling every evil string?
It's been Walpole all along
He's insidious (ha-ha!)
So perfidious
That you haven't even noticed
And the pity is (the pity is)
Pity, pity, pity, pity
It's too late to fix anything
Now that everything has gone wrong
Thanks to Walpole(ha!)
Naughty Walpole
It's been Walpole all along!
And I exiled Knight too
Omg I love all these SCHEMES please, please, PLEASE!!! Do more episodes in these sorts of high-intrigue points in history
So how do we now know about all this? Did one of the men involved come forward later in life? Or did someone find the green ledger?
Let's just wait for James to explain it
Ushio01 Imo, their families shoulda lost all the wealth that was gained from it even after their death. Should set things right. Sure they might not have been involved, but their family shouldn't get to benefit cause their other family members rigged the shit up and ruined so many others.
The God Emperor instead of ripping their wealth away, why not ask them to put it to good use, like charities or public work projects?
It let's them keep their livelyhood without punishing the wrong people.
***** No, fuck that. They got the wealth in unfair means, they don't deserve it. It was never honestly earned, there's no reason they should get to have it.
I am not saying they can't still be given some back to live off of, but not much and make them go work for themselves to earn their own wealth legitimately.
The God Emperor I can't and won't ever agree with that. Your going to punish the son for the sins of the father? How is that at all reasonable when the son in question did nothing wrong to deserve such a fate?
No one alive would get anything out of taking their money away. The money you could theoretically remove from them would be like adding a tiny stone to the bottom of a lake of debt: barely worth the effort of robbing it from people you can't possibly have the right to judge.
If none of this seems to get through to you, how about I present a situation with YOU as the example?
If you were well off, but then, after getting out of college, suddenly the government says that your grandfather dealt drugs to amass his wealth you now use?
I am sure you would want to keep it. Even if you try to defend it, saying "Oh no, I would definitely give it back, I couldn't BEAR to keep such evil money" it would be a hollow promise. Money is money, and although it was gained wrongly, you did nothing wrong in the process, and have no reason to feel wrong, or have that money taken from you.
This quirky history theme is much more interesting than lists about video games. IMO you should keep doing these scholarly videos because they are really good
Extra Credits
You mention that pretty letter from Walpole to the Austrians. Could you guys link it?
You succesfully made me curious.
This is still my favorite extra history series, even after all this time.
From now on, can we just agree all anonymous persons in history who caused major problems were Walpole?
"This is a good lesson. I hope we learn it someday." Best part ever.
Dang, Walpole is almost as responsible for things as the Mongols are exceptions to rules.
WE ARE THE EXCEPTION!
Fun Fact: The position of "Prime Minister" didn't exist yet, Robert Walpole was the first, and it was used as a negative term that implied he had more power than he should.