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The Time Capsule

Markets in History

Articles: 1-15 / 164
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The Price of Time: The Real Story of Interest

The Price of Time: The Real Story of Interest

In the beginning was the loan, and the loan carried interest. For at least five millennia people have been borrowing and lending at interest. The practice wasn’t always popular—in the ancient world, usury was generally viewed as exploitative, a potential path to debt bondage and slavery.

Edward Chancellor
Atlantic Monthly Presss, August 2022
The Death of Alexander the Great

The Death of Alexander the Great

After his death, the military fought for control over the land Alexander had conquered and this, combined with the silver Alexander had brought from the Middle East, led to one of the first inflations in history.

Dr. Bryan Taylor, Chief Economist
Global Financial Data, August 7, 2023
The Rise and Fall of the German Stock Market

The Rise and Fall of the German Stock Market

"It is interesting to compare the performance of the German and Austrian stock markets between 1845 and 1914. Between 1845 and the 1880s, the two markets behaved similarly, in part because corporations in Austria listed on German exchanges and vice versa. The first stock to list on the Frankfurt exchange was the Austrian National Bank."

Dr. Bryan Taylor, Chief Economist
Global Financial Data, July 17, 2023
The new age of conformity and uniformity

The new age of conformity and uniformity

Anyone remember Apple's commercial of the late 1990s, ”Here's to the crazy ones”?

InvestmentOffice, June 2023

Milton Friedman on the fallacy of interest rates and monetary policy

Excerpt / Quote

Milton Friedman
Hoover Institution, Hoover Digest: Reviving Japan, April 30, 1998

Inflation and Individual Investors' Behavior: Evidence from the German Hyperinflation

Forthcoming, Review of Financial Studies

Fabio Braggion, Felix von Meyerinck, Nic Schaub
University of St.Gallen, School of Finance
Inflation in der Schweiz seit 1850

Inflation in der Schweiz seit 1850

Prof. Peter Kugler
Universität Basel, Wirtschaftswissenschaftliche Fakultät, Faculty Blog, 22. März 2023

''... the only thing the Fed hates more than inflation is a banking crisis.''

Quote

Fisher Investments Editorial Staff, As Winter Wanes, Prices Continue to Cool, Inflation is easing even more than headline data suggest.
Fisher Investments, March 14, 2023
US Equity Performance vs. the Rest of the World

US Equity Performance vs. the Rest of the World

10 Years Ended 31 December 2022

T. Rowe Price,  February 2023
The Lost Decade

The Lost Decade

”2022 was one of the worst years for fixed-income investors in history. Bonds lost money. Stocks lost money. Crypto lost money. Inflation rose to levels not seen since the 1980s. The only thing that increased in value were commodities. You have to go back to the Civil War in the United States or the Napoleonic Wars in Britain to find a worse year for bonds”.

Dr. Bryan Taylor, Chief Economist
Global Financial Data, February 22, 2023
The Bank of Amsterdam and the limits of fiat money

The Bank of Amsterdam and the limits of fiat money

BIS Working Papers No 1065

Wilko Bolt, Jon Frost, Hyun Song Shin, Peter Wierts
BIS, 19 January 2023
Long-term Returns to Dutch and Indonesian stocks

Long-term Returns to Dutch and Indonesian stocks

The Netherlands has more stock market history than any other country. Trading in shares of the East India Company began trading in Amsterdam in 1601 and continued to trade until the company went bankrupt in 1794.

Dr. Bryan Taylor, Chief Economist
Global Financial Data, December 21, 2022
Market chaos as major players call the biggest bluff.

Market chaos as major players call the biggest bluff.

The FOMC met today and hiked rates. More than that, they set course for more to come and policymakers holding those up for a longer period. And the markets completely, totally, utterly rejected the "almighty" Fed. This is why.

Jeffrey Snider
Eurodollar University, 15 December 2022
Les devins, ou, commentaire des principales sortes de devinations :

Les devins, ou, commentaire des principales sortes de devinations :

"distingué en quinze livres, esquels les ruses et impostures de Satan sont descouvertes, solidement refutées, et separées d'avec les sainctes propheties et d'avec les predictions naturelles."

Caspar Peucer
Heudrik Connix, Anvers, 1584
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