To the Moon! - Tulip Mania - European History - Part 3 - Extra History
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- Опубліковано 27 сер 2024
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Haarlem 1636! It's time to go to the Tulip College and INVEST! We'll be buying up tulip contracts to sell to the next highest bidder! And then they sell the contract... and it gets sold again, and everyone gets rich in the process? I'm sure nothing could go wrong with this.
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Part 1 - NFTs (Non-Fungible Tulips): • The Worlds First Finan...
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Part 4 - The Crash: • The Crash - Tulip Mani...
Part 5 - Eternal Madness: • Eternal Madness - Tuli...
Series Wrap-up / Lies Episode - • Tulip Mania - LIES - ...
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I mean, I get the idea you’re trying to express.
But, the equation is incomplete.
You gets ads but there is some interesting stuff on morning brew. i find its usually an enjoyable quick read :) either way i love extra credit and can get enough of them so its worth 😌
Wish I can go back in time to Industrialize and Secularize the Ancient Celts
The line delivery on "wait, what if they don't?" was PERFECT.
Also, yay, someone remembered that Mennonites exist! (We don't consider ourselves Protestants, though.)
I thought that too :D
I mean, mennonites are anabaptists, correct? and aren't Anabaptists considered a protestant sect? correct me if I'm wrong, I don't mean to be rude
Of course you don't, since they considered you to be live fire targets.
I mean to an outsider on Abrahamic Religion as a whole I can barely keep track of the reasons jews, christians and muslims bicker over details so tiny as to be basically meaningless, so yeah I think EC did a pretty good job tbh hhahaaa..
Pray to me child
The practice described at 5:45 sounds more like buying on margin than short selling. Short selling is borrowing shares and selling them with the plan to buy them back and repay the loan once the shares have gone down, so you profit by the amount of the drop. Buying on margin is a bet that the price goes up and short selling is a bet that the price goes down.
Yeah, that's gonna be one for the Lies episode.
I was just looking to see if someone else said this before commenting myself. The explanation is also a little bit janky.
You could do an entire series just on the history of leveraged investing and it's effect on markets. Surprises me a bit that they didn't catch the error since Extra Credits are the same folks that did such a good job with the history of banking and the South Sea Bubble.
@@MrMasterprocrastinat Well this is more advanced than banking in the medieval ages and the south sea bubble. Still could have double checked with a financial historian.
Nope, buying on margin is simply taking a loan from the broker to increase your buying power, the term you're looking for "is going long"
Correct. And just this once, I actually looked before typing for 10 minutes. Thanks.
I really appreciate the effort that goes into drawing accurate clothing styles for different regions and time periods! It’s really cool to see and is a great way to show the audience how a society differed from others, even close neighbors
But also there's still that one Filip J. Frij character as an ongoing joke :D
I like how the Netherlands basically made all the mistakes you could make in capitalism centuries ago and people still make them in the 21st century
History tends to repeat itself
@@theonlyone1895 It rhymes but it doesn't repeat
And we all made the same mistakes in 2008 and now we're making them again. Ain't capatalism grand?
It's like it's a part of this system or something, hmmn... No totally, just an aberration
If the system is fundamentally broken then the failures can't really be prevented, only mitigated against
That was the FASTEST 10m I've had in a while! Very well done!
Thank you!
Stop quoting my gf
I’m watching at 2x speed too
@Enzo Rafael Souza Silva Good point.
@@nicodarsh this reply made my night and I needed it because my girlfriend just said the same thing to me.
The wind trade actually sounds incredibly similar to the mortgage-backed securities, and the shorts on them, that caused the 2008 financial crisis.
Time is a flat circle, and nowhere is that more true than in the arena of dubious market practices.
@@KyleRayner12 Something-something capitalism something-something innovation
The CDO's that were at the root of the 2008 meltdown were even more insidious because they were conglomerations of debt that used higher-rated mortgages to hide the fact that the rest of the CDO was full of "junk debt".
Almost like things are cyclical and the financial institute hasn’t learned the right lessons from history.
@@demonicbunny3po oh they've learned the most important lesson they can "It will never happen to ME, I'M too smart!"
5:50 Correction: Short selling is the act of borrowing assets to sell immediately and profiting when you buy them back later at a lower price and return them. The word you are looking for is "leverage," the use of borrowed funds to amplify gains/losses.
I thought it was buying on the margin
dammit my econ class in high school has failed me once more
@@AjarTadpole7202 buying on margin is borrowing.
Amplify LOSSES? Incontheivable!
This series is getting more and more similar to an Axterix book called Obelix and Co. Instead of flowers, it was about rocks called Menhirs.
Also, that "Dog-Flower hybrid" would be a great Grass-type starter for a Pokemon game.
Because that comic was parodying stock market shenanigans. It's no coincidence that the main Roman in that one looks exactly like then French Prime Minister (and future French President of the Republic) Jacques Chirac.
How did you know this was in the new game
um, excuse me, you forgetting the absolute GOAT that is Chikorita????
That dog-flower seems a little inspired by the Screwball version of Daffy Duck in "Duck Amuck".
Overlapping with last episode, there is another similarity between prized dogs (at least of today) and tulips back then: Desirability and health are not necessarily particularly closely related.
Hope my CryptoTulips will always go up in price!
Hope is just another word for delayed disappointment.
"Oh, but what if he didn't..."
xD Priceless
Also I want a plush of that flowerdog!
Agreed!
"Wait, what if they don't?" 😂 That delivery was perfect 😂
A finance person professor of mine said that if your are going to invest in collectibles (invest as in someone later will just pay more) you should like what your buying. You may be stuck with it for a while.
Had the NFT market not been crashing lately, I would have long built a rocket ship and left this planet for good. To quote a certain Tim Curry character:
"I'm escaping to the one place that hasn't been corrupted by capitalism...SPACE!!!"
Premier Cerdenko is certainly the peak of his career.
SPAAAAAAACCCCCCEEEEEEE!!!!!!!
I have some bad news for you. It is called Sapce X…
@@davidwright7193 i'm pretty sure it's not
Not been corrupted.
YET
In my D&D campaign, the party is attempting to debut into elven high society in order to access some exclusive clubs, and I’ve been wondering what means they could do so. Getting into the fantasy version of the tulip trade seems very appropriate. Thanks for the inspiration!
I happy for those orphans. They got there life set up for cozy living
“Ain’t capitalism grand?” Is my new favorite quote and I’m using now
What could possibly go wrong?
@@ecurewitz Now imagine that everything just goes right, but for the wrong people.
Yes, ‘cause the only alternative is giving the army backed bureaucrats resource distribution control. Which inevitably sucks more ass.
"Capitalism is the worst thing since Feudalism" was my first thought.
@@DracoMagnius Not quite. Capitalism was needed to break free from feudalism with it's mercantile perspective of economics, which put power to individuals, broke off the "god given right to rule" of nobles and bootest manufactures over agrarian production, later leading on to nationalist movements and the establishment of nationstates.
But as nation states, capitalism overstayed it's welcome and began to eat the people it lives on.
Whether it's Tulips, Baseball Cards, Beanie Babies, or more... *recent* trends, humanity has been playing this bit for literally hundreds of years. And yet people always seem to fall for it as if it's the next big thing seemingly as soon as the last time it crashed is just far enough out of public memory. There are the lucky few that do manage to make it out form the whole ordeal and end up rolling in cash at the end of the day. But there's no such thing as a scheme that lets *everyone* get rich overnight, and inevitably the vast majority of people, usually those that weren't already wealthy, end up paying the price.
Most people aren't informed, and/or wish to get rich quickly because different reasons. Even today, most people don't understand how finance and trades work
The desire to become wealthy through little to no effort of your own has been a staple of humanity for as long as wealth existed. There has also always been people who look at the benefits without thinking about the consequences. The hard part is figuring out when that bubble may pop. Our local housing bubble, for instance, popped in the past, only to resurrect itself during the pandemic as an even bigger monster with no end in sight.
Of course, these people aren't really too interested in something that makes everyone rich quickly, just themselves.
The difference is I don’t remember baseball cards or beanie babies ever being traded as futures.
I mean i just like having baseball cards idgaf if some random 3rd baseman becomes valuable in 2045
It started in the stone Age. 'my rock is shinier than yours'
I want to mention that is really cute to see how the baby is growing though out the years at the end of this episodes
Hey @Extra Credits there’s a bit around 5:50, where y’all refer to the act of borrowing money you dont have to invest as “short selling”. But thats not what short selling is, thats known as “Buying on Marign”, which is a form of “leveraging” in the market.
Short selling is the act of borrowing the security itself and selling it off with the intention of buying it back for cheaper. In terms of tulips, it would be like borrowing a tulip, selling it, and promising to return it at a later date, by purchasing it at a lower price.
While tulips in the Netherlands influenced modern trade practices big time, shells being sought after in the Europe also had their role. The English company Shell in the 1800s started with importing shells from outside Europe to cater for tastes of well off Europeans, and Shell eventually also did oil business before being bought out by Dutch company Royal Dutch. Hence the company Royal Dutch Shell which later became the Netherlands’s favorite investment in the Dutch East Indies.
The Guilder sign (ƒ) was typically placed in front of the number representing the amount, just like with Dollar and Euro notation, and not behind.
I believe the euro sign is placed behind, actually. It is where I live.
I say that symbols representing words should be treated like the word they represent. And people weren't saying guilder 20, were they? No really, were they?
@@henke37 People aren't saying Dollar 20 either, are they?
@@wikiuser92 I suppose it depends on the language then, in Dutch and English both the Euro and the guilder sign are placed in front of the number.
@@DeHeld8 In Brazilian Portuguese it's the same way
R$2,00 = Two Brazilian reais;
US$2,00 = Two dollars;
And so on and so forth
7:54 the "...in cash!" there was so important, for all the reasons explained earlier in the video.
The United Provinces very much had an aristocracy, the nobles of were even represented in the the States Provincial assembly each province. The Dutch nobles were just not dominant like say their French counterparts
At about 5:50, that's a different definition of short-selling than is common. Short selling is buying a particular futures contract that supposes that the price will be lower in the future than it is currently. Borrowing money to buy financial instruments is "buying on margin."
"As long as Person C can sell that tulip- wait what if they don't?"
Matt that was perfectly delivered!
I would love to see a dutch independence series, you talk about it so much that it has me curious!
Agreed. It's like the Crimean War: so many of Extra History series have mentioned it in passing that it would be a shame not to do a whole series on it. And Dutch Independence is a BIG subject.
Guys the united Provinces did have an aristocracy. Cities like Haarlem and Amsterdam in Holland were indeed mostly free of nobility, but smaller cities outside of Holland and some of the provinces did have aristocrats. A good way to check the aristocratic presents in one of the provinces or towns is by checking the local and regional councils. Checking out de Ridderschappen is also a good indication. The nobility had an especially strong presents in provinces like Overijssel and Drenthe.
The way short selling works is you borrow the item (at interest, customarily) then sell it, wait for prices to go down, then buy an identical item and return it to the entity you borrow from.
Keeping the difference as a profit.
as long as prices go down you make money however if they rise their is no upper limit to how much you will have to spend to purchase the item to cover it. (see Wallstreet bets short squeeze)
The Apes purchased all the shares (even the counter fit ones) meaning the hedge funds functionally had to cover more shares than were on the market which means infinite demand.
(remember what I said about no upper limits? Combined with interest rates?)
This is one of my favorite art styles. Everything is just adorable.
Who’s the artists? she draws herself but it’s kinda hard to tell names besides Matt and Rob.
1:11 False. They did have an aristocracy. Notably, the House of Orange.
Aristocracy doesn't mean Monarchy. Aristocracy is if the elite is put together by nobles, in a feudal system. Like, these people get land from the king, they now rent the land or own land themselves, which is given to their children or children of other feudal lords, and if none is found it goes back to the king. If the populace votes for it's own head of (local) government, you have republic structures, in cities or the Netherlands most likely based on rich trade family elites or guilds, which is more of a meritocracy under a king.
@@Dreagostini still the Netherlands had aristocracy, but they weren't nearly as Influencial like the aristocracy in other nations (like the UK and France before the revolution). Due to the influx of wealthy asylum seekers from Flanders (like Antwerp and Gent) the title 'Patricier' (Patrician) as a reference to wealthy person took off and crested a class of bourgeoisie where people weren't noble by birth (though most eventually married their wealth to a noble title eventually, for gits and shiggles) but we're wealthy enough to be in anything but the title itself. And they were far more numerous (due to the influx of wealthy people, grain trading on the Ostsee/Baltics and the wealth brought in by the VOC and WIC) for Aristocracy stopping to matter for aristocratic reasons. If course back then aristocracy had enough means to invest in these ventures as well so the distinction grew negligible anyway.
@@Dreagostini No, that's feudalism. It is not aristocracy. Aristocracy is when the nobles are the only ones in positions of power.
@@BoxStudioExecutive And what's the system that enables nobles being in power? Correct: Feudalism. The one is how the society is structured (feudalism) the other how the power projection is (aristocracy).
The polish-lithuanian commonwealth for example was a feudal and aristocratic republic, in which feudal lords (noblesm aristocrats) voted for a king.
@@dmen89 Sure, but the nobles weren't the seat of power because they were nobles or because of their ownership of land, but based on their wealth or entreprenership. Which was open to "normal", which later evolved into a rich elite class of merchants. It's similar to being noble today. It is a title which brings prestige, but it wasn't the seat of power inside the Netherlands. Money was.
And, in that vein, nobles might existed, but without being the default seat of power, there is no aristocracy, or in other words: the rulership of the noble class, to speak of.
early capitalism/ economics is very interesting, first the south sea bubble now this, i hope you do the bordeaux bubble as well for it seems all the great european powers where interested in massive bubble economies that burst and like all great economic scandles a scotsman was involved.
It's Saturday afternoon and this video is still unlisted. Did something happen, or was there a change in the day/time of release? Great video, btw, but I'm still wondering why it's not public yet.
The issue has been resolve! Thank you!
@@extrahistory and I’m glad it was! Thank you!
Going balls deep into Tulip calls 💎 🙌 YOLO
shout out to the artists. I try to just listen while doing chores but always find myself watching
At 2:31, I never expected a reference to Best in Show from ya’ll, but I love it.
Circular Economics, my favorite practice
And this is where all the stories of this trade comes in.
8:00 _Walpole cackles menacingly_
YESSS!
The Best in Show reference was cute- kudos to the artist
Finally, I have been waiting for this, heck yeah
Some nerdy types put their money in "bit-o-corn" but all the tulip investors laughed at them.
I'm putting all my money in Geranium! Only problem is, you have to burn a lot of coal to make the gasses to keep your greenhouse warm.
Appreciating depreciation along the constant of diminishing returns is something worth learning
I am in awe of how this series started coming out right as "the market" is losing confidence in NFTs and more and more people are waking up to how bad an investment crypto is.
What's kind of funny is that the music and fashion industries have just announced going all in on NFTs, with an enthusiastic response from both fandoms.
So in this A B C deal I wonder, what's stopping C from just keeping the $200 that was double what A was looking to get it for and running?
Love the "Best in Show" reference.
Great vid as always.
For any others, if you're wondering wether or not the Dutch did [a concept in finance, banking or insurance] first, often the answer is yes. We still credit the UK and/or the US as the ones to do so on extreme scales.
I think as they said in the India series, the Dutch invented it and the British perfected it
90,000 guilders from 1600s would be worth 5.4 million US dollars in today's value.
Yay those Orphans are set for life.
The act of taking out a loan you don't have the capital to cover is not what's known as short selling, I don't know what that's called, but short selling is something else, if applied to tulips it would be borrowing tulips, selling them, and then buying them back later to give back to the original owner, I doubt anyone did that back then at least with tulips.
There is something satisfying about seeing people going cuckoo-bananas about things and saying "what could possibly go wrong" just before they crash.
The stock market in a nutshell.
I love this topic
5:40 ...here in Germay it's called 'Schneeball-System' in the anglo-saxon culture they speak of a 'Ponzi-Sceme'...
...works fine, until somebode - usually the last one :-( wants his money back...!
...and there isn't any left...!
7:00 ...it's claimed, that top-star-painter Rembrand (before he was famous) had to job as a body - i mean flower-guard to earn money for his rent...!
2:30 has a great Eugene Levy reference. That’s a funny ass movie. Best in show I had to google it but I remember renting it at blockbuster with my mom.
I... I need that tulip dog as a plush...
Ja
Nice "Best In Show" hat tip.
I compared this newest video with your first ever video and holy God you changed and grown a lot The progress is really showing in this video.
5:45 I'm pretty sure that's called leveraged investing. Short selling is renting an asset and selling it, with the hope that the price goes down and you can buy it back later at a lower price, netting a profit.
What is your source for the claim that tulip *options* were commonly traded during the bubble?
The accounts I have read state the contracts were tulip futures, promising to pay a certain amount for certain goods at a certain time. To put it another way, the tulip farmers were selling short and the tulip-fanciers were buying long. That was common practice then as now for goods that take considerable time to grow or transport: farmers still need income during the growing season, and consumers want to know beforehand they will have something come harvest time.
It was only after the crash (again, according to what I've read) that a small number of super-wealthy speculators retroactively changed the law to rewrite the tulip futures into tulip options, enabling them to renege on their commitments with the flimsiest veneer of legality. And of course it was the people who did the work, the farmers, who bore the vast majority of the loss.
From our 21st-century perspective it may be difficult to feel surprise at a tiny super-rich clique cheating the rest of the country with the active connivance of the government. But it is almost impossible to overemphasise how important honesty was to early modern protestants, and nowhere more so than in the Netherlands, which relied so heavily on industry and commerce.
Really love the best in show reference
Shoutout to the Best in Show (2000) reference at 2:28. A solidly funny movie
I always enjoy the bright animations.
4:55 not sure if they are directly comparable, but this part reminded me of them explaining the synthetic CDO's in 'The Big Short.'
Point of order, short selling is not necessarily selling something you don’t have the capital to cover. It’s selling something you don’t own (but may have borrowed). It *tends* to be related to margin (the next concept in line), but they don’t necessarily align 1:1. Example, if I were to sell a short put option, my collateral risk is the purchase price of the shares on contract. I can’t sell the contract (per my broker, thanks Tulips 😂) without first providing the capital to cover assignment.
But I was one of those weirdos who was trading options before GameStop and the NFT nonsense got started, somehow I feel even weirder now that people actually care about my hobby
Great episode, one thing tough. There was still a small aristocracy, mostly ofshoots of the HRE days the current house of Orange-Nassau is the most well known but at the time there were still a couple of families around. All besides the current Royal house lacked any political influence though.
Another big speculative bubble that popped based around items was back in the early 1990’s during the comics speculator boom. Basically when it became public that the first Superman and Batman comics sold for millions and other first editions of early comics also selling for lots of money. Thinking the could make millions selling of comics tons of people began to buy a huge amount of new comics in-mass less for the stories and quality of the work and more for the sake of selling them off later, thinking that the comics they buy will eventually become valuable. With the comics industry also cashing-in on it by launching tons of new number 1’s , adding gimmick covers, trading cards, and tons of comic story shake ups that would sell like killing off Superman.
What those people didn’t take account though was that the reasons those first edition Superman and Batman comics sold so much in the first place was because at that point they were extremely rare and few were left it readable quality, to mention they have the honor of being the comics of some of the worlds most famous heroes. During the boom the comics were made in the millions with most being just edgelord rob liefeldian crap so they were never going to be worth much to sell back .
Eventually the speculators figured out they were buying worthless inked paper and stopped buying, comics all together this resulted in the whole comic market crashing with thousands of comic stores closing, entire comic companies shutting down, and even Marvel declared bankruptcy at that point. Even today the comics industry has never properly recovered from the crash.
There is also how the quality of the writing tanked during then. The publishers figured these were being sold to collectors anyway, who wouldn't read them, so the budget was drastically cut for anything you'd never see if you never opened the comic books. That was a major part of the crash as well: because they weren't fun to read anymore, the fans left, leaving the industry without them to fall back on. Contrast this to, say, Beanie Babies, which after the crash, still had people who collected them because they liked them to keep Ty afloat.
(The quality of the writing has gone back up, but it's currently hit-or-miss.)
This is LITERALLY the first UA-cam video I am watching after finishing Best In Show for the first time. What an adorable reference!
6:09 Ah, that makes the comparison to NFTs all the more striking....
The tone change at 5:36 got me
Aww glad those orphans got their $ b4 the crash
4:50 ahhh so that's where and when creative finance was born!
Can you imagine if a commodity called tulips suddenly appeared
I knew there was gonna be an nft joke. The tulip trade just sounds like that
Thanks!
Thank you so much for your support of our show! ❤
I am enjoying learning about this financial bulbble.
Imagine naming an inheritor in a will in order to make sure they can be supported with your life savings, then you die and they buy a paper for a flower
Something tells me Morning Brew wouldn't have helped. We have access to all this info now and yet people thought they could make money investing in literally nothing, "secured" by documenting the transaction of something for nothing with a difficult to generate encrypted value. All because they labeled the nothing.
I'm really worried about how this is going to impact C.A.R. and El Salvador. It looks like they're going to be left holding the bag after people in wealthier countries inflated it and then ran off with the money. Not that I have any respect for their governments, but when this happens it's the people who get hurt.
people know it is a scam, they just don't know how scams work, thinking they are smart enough to profit from it
and what's going on in el Salvador?
@@astk5214 El Salvador adopted (sh)itcoin as a legal currency last year. That means it has to be accepted by businesses in the country. So as the value plummets, people are able to dump their falling assets on El Salvador, hurting El Salvador businesses in the exchange. With the recent plummet, it's already hitting the El Salvador economy as what little investment there was becomes mired.
History parodies itself
Short selling is essentially the act of betting that the price of an option will go down what you are looking for is the term leveraging @5.50
I love futures contracts. The economic justification for them is that they allow farmers and organisations to lock prices in so they can confidently plant their fields or establish air routes knowing that the price they'll get for their soy beans will be exactly $x or the fuel their planes will consume will be exactly $y. That's why you only need to put down a small deposit as for all intents and purposes you're not really supposed to have the money available right now to cover the whole value of the contract (eg you haven't yet sold your air fares so you don't have the money to pay for 100% of your fuel months in advance).
Done wrong however it's the quickest way to flush your networth down the toilet.
The whole solution to shield the system against a potential crash was rather obvious: to register every tulip transaction in a Protestant-2-Protestant chain of blocks that would move between Colleges (for a profit in small parts of tulip) only consuming all grain and wood in the Netherlands…
This is somehow as insane as the south sea bubble
I was just looking at one of the Playlist and I saw this
6:08 Not to mention the fact that the 30years war raged in neighbouring Germany. There wasnt much of a market for exports.
Buys and sells make the world go round…
Great narration and art
Just a great episode all round about! 👍🕺
Wouter Winkle sounds like the name of a background character from Spinal Tap
I would like one flower-dog, please.
Done any shenanigans recently?
There's something I didn't get about your example around 5:30.
(i'll use dollars instead of guilders for ease of typing)
So person A pays $10 to the grower, gets the contract. On lifting time, A will have to pay $90 extra to the grower. Once B buys the contract for $150, and C buys it from B for $200, who has to pay the $90 to the grower in the end?
If it's C, then C doesn't actually profit from selling the tulip for $250 after lifting, and A ends up with a massive profit of $140 since he ended up only paying $10 for the contract and re-selling it for $150.
If it's A, things are weird though. It implies A would show up at the grower's field on lifting, without the contract (since C has it, not A), and pay $90 for a flower now worth $250 on the market. This doesn't seem to make sense.
So I don't really get the example
Y'all should do a series about Caesar
Is that a Best in Show reference I see!
The dutch bought new york for 60 guilders to give the crazy prices some context
Thank you for the video.
So I did the math, and for perspective, 9000 guilders is worth approximately $9.3 million. That is a huge amount of money, even for today, and for back then, those kids likely would have been set for life.
I low key want to buy a tulip after watching this video, so pretty
I love this channel
Edit : oh, and that tulip in my bio has been there for years
Hitting the pile of inheritances coming in after the plague earns a quintuple oof.
wtf half way through the video i realized we been here before! Lmfao!
Thank you for pairing with morning brew I just subscribed to them so thank you for giving me the chance
I was wondering if the Mennonites would get a mention here. My predecessors are the Dutch Mennonites, those that were around here at this time.