Race for prestige, wealth and plunder
Pulitzer-winning author of Lord of Finance, argues that the boom before bust (the 1873 global crisis has unsettling similarities with today’s AI Frenzy. Over the course of 1850s and 1860s, during the first era of globalization the world experienced an unprecedented economic boom, fuelling the expansion in the global bond market, at the hub of which stood one family- the Rothschilds arguably the wealthiest banking family in history. While the giant gums of capital provided through the bond market built the railroads, the century’s most transformative investments, the money raised also unleashed a frenzy of speculation, massive overinvestment, and wasteful … Continue reading Race for prestige, wealth and plunder
