apr 4, 1720 - South Sea Bubble
Description:
Investopedia: The South Sea Bubble of 1720 was created by a more complex set of circumstances than Tulipmania. The South Sea Company was formed in 1711 and was promised a monopoly by the British government on all trade with the Spanish colonies of South America. Expecting a repeat of the success of the East India Company, which provided England a flourishing trade with India, investors snapped up shares of the South Sea Company.As its directors circulated tall tales of unimaginable riches in the South Seas (present-day South America), shares of the company surged more than eightfold in 1720, from £128 in January to £1050 in June, before collapsing in subsequent months and causing a severe economic crisis.
Added to timeline:
Date:
apr 4, 1720
Now
~ 306 years ago