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LIVE: The Myth of the Million Dollar Tulip Bulb
Cautionary Tales with Tim Harford
The Financial Bubble Needs Marketability, Speculation, and Cheap Money
Charles MacKay said you don't need hindsight to see a bubble. But it's obvious if you think calmly and independently, he was wrong. The railway mania had all of those elements - but then have most modern financial markets for the last 30 years or more. And they're not all bubbles, just as when you have fuel, heat, and oxygen, you still need something else to start a fire. A spark. Why does some investments find a spark, like bored apes and dogecoin and Birkin bags? While others don't, I don't know.
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