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  • junkfood_pe junkfood_pe Jun 26, 2013 12:15 AM Flag

    Tulips: houses, mortgages, option casinos, float jams, banksterism covered.

    In the planting season of 1635, as prices began to rise, there was a fundamental change in how bulbs were traded in the Netherlands. Increasingly they were sold by weight while still in the ground, with only a promissory note to indicate details of the bulb including its weight at planting and when it would be lifted.
    ....
    The bulbs themselves, the delivery of which was months away were not sold, only these paper promises.
    .....
    Tulips grown from seed could take five to ten years to produce the flower, those from offsets from three to five years to become flowering bulbs themselves. Because a tulip bulb might produce only one or two offsets a year and then only for several years before mother bulb itself died one with offsets when lifter obviously increased in value. But a grower could not afford to sell a particularly valuable bulb too soon. To do so would limit the ability to produce any more of that variety - which is why particularly desirable bulbs always were in short supply.
    ......
    At the height of the tulip mania, most transactions didn't even involve the exchange of goods, but became highly speculative.
    .....
    Any payments that were made usually were at the fraction of the original price, typically less than five percent.
    .....
    The mania did affect the social contract of the community, and the reputation of men, their credit and honor.
    When the market was most frenzied, it was the seller who was expected to deliver the promised goods but who often failed to do so in hope of finding a better offer.
    ....
    After the crash, it was the buyer who defaulted refusing to repay the debt or even to attend the lifting, which was the only way to verify that the bulb was the one specified by the contract.
    ...
    The perceive beauty of the flowers themselves, no doubt, was altered as well.Tulips once appreciated for their aesthetic pleasures had become commodities to be sold by the florists who could NOT deliver them to buyers who could NOT pay for them.

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    • Nor there was there any longer the desire even to plant them, rather, the bulbs were traded while still in the ground, with the dubious ownership transferred form the one speculator to another.
      ...
      8 pigs, 4 oxen, 12 sheep, 24 tons of wheat, 48 tons of rye, 2 hogsheads of wine, 4 barrels of beer, 2 tons of butter, 1000 Lbs of cheese, a silver drinking cup and a ship! - all this for a bulb that weighted a bit more than half an ounce.

      Can u say ben has still ways to go.

 
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