I find it profoundly funny that people are pretending that "Elaborate schemes of fraud involving fake securities attached to a non-existent asset" were invented in 2021 and that the Founding Fathers of America wouldn't instantly grasp them with "Oh, it be like the South Sea Company scheme!"
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What you’re saying is they would recognize it for the fraud it is, not that they would approve.
For a mere 30 Guineas you get this hand signed guarantee redeemable* for 8 whole pounds of Brazilian gold
In other words...
"Theres brown people on the border, and the King won't do anything about it, he wants the brown to rape and kill you, and so we need a new leader."
I cant help but notice...
It’s why we had (and still have) Blue Sky Laws (and securities laws more broadly).
https://www.history.com/news/tulip-mania-financial-crash-holland
All I could think was “what’s the current market index price for tulip bulbs?”
Bitcoin? Not unless you’re trying to commit a crime against the public.
I mean I vibe with it but still.
2. The South Sea Company Scheme was an actual fraud, in the running for the biggest in history: https://en.wikipedia.org/wiki/South_Sea_Company
It evolved into civil forfeiture.
https://www.greenvilleonline.com/in-depth/news/taken/2019/02/10/civil-forfeiture-history-pirate-privateers-organized-crime-drug-kingpins/2458836002/
"I am a LEGITIMATE BUSINESSPERSON!" I yell into the salty air, waving my letter of marque above me like a drowning man and praying none of my crew are dumb enough to fire on the British Navy.
-Goethe
Isn’t that where institutions should bear the primary responsibility for pulling these lessons from history to minimize the downsides? Or at least make the public aware?
"They drank milk that was mostly chalk and paint to make it white. They could handle a Dorito"
https://www.pbs.org/newshour/health/march-24-1882-robert-koch-announces-his-discovery-of-the-cause-of-tuberculosis
None of this is new.
https://www.nypl.org/events/exhibitions/galleries/introduction-picturing-worlds-first-bubble-economy/item/11134
Don't underestimate them because of presentism crap.
The Framers were even more savvy!