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Markets in History

That was then ! Historical Perspectives on Markets and the Economy

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Currency Competition in Switzerland, 1826 -1850

"Currency competition provided a stable monetary standard in those Swiss cantons that deregulated their financial systems after liberal revolutions in the 1830s and 40s."

Ernst Juerg Weber Kyklos, Volume 41, Issue 3, August 1988

Direct-Drive Motor Company

Founded in 1917 in Philadelphia, Pennsylvania, Direct Drive Motor Car Company built automobiles under the brand Champion. In 1923 the Company was renamed as the Champion Motors Corporation (between 1908 and 1923 there were three car brands in the US with the same name).

Investment Office, October 2019

Wars and Financial Panics: Global Bear Markets in the Twentieth Century

"The 1700s was a century of war during which there were five bear markets, each driven directly or indirectly by a European war. The 1800s, on the other hand, was a century of peace, with numerous panics, but only one global bear market which occurred in the 1840s. There were no global bear markets between 1848 and 1912, a 64-year stretch of peace and economic growth.

War hit the world in 1914 when World War I began. Four bear markets occurred between 1912 and 1949. With the world generally at peace after World War II, recessions, sometimes driven by financial panics, were the main cause of bear markets."

Dr. Bryan Taylor Global Financial Data, Aug 19, 2019

Public and Private Currency Competition

Excerpt

James Bullard Federal Reserve Bank of St. Louis, July 19, 2019

Four Centuries of Stocks and Bonds in Retrospect

Financial markets have evolved over time. The relationship between stocks and bonds differed in each of the eras that Global Financial Data has designated in the past: Mercantilism (1602-1800), Free Trade (1800-1914), Regulation (1914-1981) and Globalization (1981-).

Dr. Brian Taylor Global Financial Data, Aug 14 2019

A living artifact from the Dutch Golden Age:

Yale’s 367-year-old water bond still pays interest

Mike Cummings Yale News, September 22, 2015

Investors and the French Revolution

"Few people realize how active the Paris stock market was during the 1700s. The Paris stock exchange was founded on September 24, 1724, though shares in the French East India Co. (Compagnie des Indes) had traded in Paris for years."

Dr. Brian Taylor Global Financial Data, 17 April 2019

750 Years of Interest Rates

"With these two charts, you can see how unusual the current decline in interest rates is, pushing yields down to levels that hadn’t been reached during the past seven centuries."

Dr. Brian Taylor Global Financial Data, 3 March 2019

The Forgotten Depression

1921: The Crash That Cured Itself

James Grant Simon & Schuster, November 17, 2015

Gold in Perspective

"There is no doubt that violating Federal Law and holding gold would have underperformed a diversified portfolio of stocks. However, the appropriate comparison is what cash, net of income tax, would have returned over this period. And here again calculating that is trickier than one might expect, because hundreds of banks failed in the 1930's and there was no FDIC insurance. And the Treasury didn't begin auctioning Tbills until 1929!"

Larry Williams, Rocky Humbert Daily Speculations, March 6, 2019
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