Sunday, April 26, 2009

Charles Mackay

Sound familiar?

"Money, again, has often been a cause of the delusion of the multitudes. Sober nations have all at once become desperate gamblers, and risked almost their existence upon the turn of a piece of paper."

This quote is by Charles Mackay, who wrote "Extraordinary Popular Delusions and the Madness of Crowds" back in 1841.

 In it, he describes the South Sea Company bubble (early 1700's), the Mississippi Company bubble (early 1700's), and the Dutch Tulip Mania (early 1600's) -- among other things.


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