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Author Topic: A Chronology of Panics, Manias, Crashes and Collapses  (Read 1009 times)
OROBTC
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July 02, 2017, 04:10:20 PM
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...

Here is a great clip from USAGold's monthly newsletter:

A chronology of panics, manias, crashes and collapses
(377 BC to present)

Sovereign Default of 400 BC (Syracuse, Greece) - Dionysius confiscated gold and silver money, re-minted it keeping the weight the same but changed the denomination from one to two drachmae -- the first known official devaluation at the expense of the general population. A virulent inflation ensues.

Sovereign Default of 377 BC (Ephesus, Greece) - Gold and silver jewelry confiscated to pay budgetary deficit and avoid a collapse of the city-state, no compensation is paid to owners (reported by Aristotle).

Punic Wars Inflation of 241-146 BC (Rome) - Continuous debasement of gold and silver coinage to pay for wars against Carthage. Wealthy classes of savers, who saved in the form of metal, suffered the greatest losses; heavily indebted masses did not object.

Sovereign Default of circa 200 BC (Miletus, Greece) - Economic depression, first instance of forced public bond subscription by citizens to pay the debts of the bankrupt city-state.

Inflation Crisis of 64 AD (Rome) - Emperor Nero debased gold, silver and copper coinage as an indirect tax on Roman savers. Policy ignited inflation and caused general impoverishment of the lower classes. This same devaluation tactic was used repeatedly by emperors during Rome's decline and fall.

Inflation Crisis of 301 (Rome) - Emperor Diocletian minted an overvalued silver denarius and touched off a rapid and devastating price inflation, then speculative frenzy and social chaos.

Inflation Crisis of 1020 (China) - One of the first paper money-printing schemes (S'ung Dynasty) to buy off potential invaders that led to rapid inflation.

(Note: China's Cai Lun invented paper in 105 AD, so it is fitting that China would introduce the first paper banknotes in 806 AD. Upon Marco Polo's return from China, he described its use as money: "All these pieces of paper are issued with as much solemnity and authority as if they were of pure gold or silver; and on every piece a variety of officials, whose duty it is, have to write their names, and to put their seals. And when all is duly prepared, the chief officer deputed by the Khan smears the Seal entrusted to him with vermilion, and impresses it on the paper, so that the form of the Seal remains printed upon it in red; the Money is then authentic. Anyone forging it would be punished with death." It would follow too that the first abuses in the printing of paper money would occur where it was first issued.)

Hyperinflationary Crisis of 1166 (China) - Money printing scheme (Chin Dynasty) based on government monopoly of tea and salt to pay for war against Mongols led to hyperinflationary breakdown.

Inflation Crisis of 1296, 1309, 1350 and 1374 (China) -- Series of inflationary crises related to debased currency issuance by various dynasties, explosive credit and subsequent economic breakdowns.

Inflation Crisis of 1455 (China) - Excess issuance of paper money caused inflation to soar, paper currency eliminated as the means of payment for several hundred years.

Medici Bank Collapse of 1494 (Florence, Italy) - Corruption, faulty investment, political intrigue and incompetent management brought down the famed Florentine bank -- millions lost resulting in tyrannical taxes imposed on citizenry.

Inflation of 1520-1640 (Spain, Europe) - Gold and silver from the New World drove down the value of money leading to Europe-wide hyperinflation. Spain defaulted on its sovereign debts in 1557, 1560, 1575 and 1596.

Tipper and See-Saw Debt Crisis of 1621 (Holy Roman Empire) - States in Europe minted debased coinage that touched off an inflationary nightmare resulting in widespread riots, political instability and crippled economies.

Tulipmania of 1637 (Netherlands) - Speculative frenzy in tulip bulbs ruined thousands when the bubble burst.

South Sea Bubble of 1720 (Great Britain) – Collapse of inflated shares in the South Sea Company ruined investors; value depended on individuals willing to pay ever higher prices for shares, not company- generated profit.

Mississippi Bubble of 1720 (France) – Financial crisis and paper money scheme perpetrated by John Law based on exaggerated wealth and trade opportunities in Louisiana. French economy collapsed when the bubble burst.

Crisis of 1772 (Great Britain) - Triggered by the collapse of a major London banking house.

Continental Currency Failure of 1779 (United States) - America's first currency collapsed, George Washington complained that a "wagon load of money will scarcely purchase a wagon load of goods". Spanish silver dollar purchased 1.25 Continentals in 1777 and 500 Continentals in 1781.

Fiat Money Inflation of 1789 (France) – Over-issuance of paper money plunged nation into decade-long inflationary crisis leading ultimately to the French Revolution.

Panic of 1792 (United States) - Brought on by credit expansion of newly formed Bank of the United States and rampant speculation by prominent bankers.

Panic of 1796 (United States, Great Britain) - Precipitated by collapse of inflated land prices.

Debt Panic of 1813 (Denmark) – Early sovereign default created internal financial crisis.

Panic of 1819 (United States) – End to first American boom-bust economic cycle fueled by unrestrained issuance of paper money through the Second Bank of the United States; encouraged speculation resulted in financial disaster.

Panic of 1825 (Great Britain) – Stock market crashed due to widespread failure of British banks, near collapse of the Bank of England.

Panic of 1837 (United States)– Deflationary breakdown in the United States caused 25% unemployment rate, bank collapses, business failures.

Panic of 1847 (Great Britain) – Financial markets collapsed following 1840s railroad boom with similar effects to the Panic of 1837. Specie standard reinstituted as a result.

Panic of 1857 (Global) – First pervasive international economic breakdown. New York financial sector did not recover until after the Civil War Panic of 1866.

Panic of 1873 (United States, Europe) – So-called "Long Depression" lasting twenty years started with financial failures in Vienna and spread to rest of Europe and finally the U.S., resulting in widespread bank failures and railroad bankruptcies.

Panic of 1884 (United States) – Caused by tight credit following depletion of gold reserves in Europe and the failure of two New York City banks with ripple effect to other banks.

Panic of 1890 (Great Britain) – Crisis triggered when Barings Bank nearly went bankrupt due to poor investments in Argentina. Bank of France bailed out British central bank.

Panic of 1893 (United States)– Gilded Age collapse and stock market collapse similar to 1873 triggered by shaky railroad investments and a coup in Argentina. Also caused a run on gold at the U.S. Treasury.

Panic of 1896 (United States)– Commodity price deflation and a drop in U.S. silver reserves caused stock market collapse and minor economic depression.

Panic of 1901 (United States) – First crash on the New York Stock Exchange precipitated once again by speculation in railroad stocks.

Panic of 1907 (United States) – Major banking panic, run on deposits, stock market collapse (many feel that this panic led ultimately to the creation of the Federal Reserve System). JP Morgan organized bank bailout to keep financial failure contained.

Panic of 1910–1911 – The after-effects of the Sherman Anti-Trust Act, the break-up of Standard Oil caused slight depression.

Nightmare Hyperinflation of 1923 (Germany) - Inflation rate hit 3,250,000% per month at its peak, many blamed World War I reparations as the cause of the money printing binge that brought on the crisis. (Note: Similar hyperinflationary crises, though not as severe, occurred during the 1920s in Hungary, Poland, Austria and the Soviet Union.)

Wall Street Crash of 1929 (United States, Global) – The most devastating stock market crash in U.S. history launched the Great Depression of the 1930s.

Nightmare Hyperinflation of 1944 (Greece) - Started with the German occupation and reached its peak after liberation. Citizens refused to accept the Drachma in commerce; the country became impoverished.

Nightmare Hyperinflation of 1946 (Hungary) - Worst inflation ever recorded; prices doubled every fifteen hours wiping out savings.

Stagflation Crisis of  1973 (United States, Global) – Global double-digit inflation rates and high unemployment caused by decoupling gold from the dollar and two associated dollar devaluations (1971, 1973).

Debt Crisis of 1982 (Latin America) – Excessive external debt triggered most serious capital crisis in Latin American histor. Currency devaluations and sovereign debt defaults followed.

Stock Market Crash of 1987 (Global) - Began in Hong Kong, spread to Europe and then the United States, the largest one-day percentage decline in history of Dow Jones Industrial Average (called Black Monday).

S&L Crisis of 1989-1991 (United States) – Nearly one-fourth of U.S. savings and loan associations failed as the result of bad real estate loans and brought on a mirror real estate crash and disinflationary economic environment.

Asset Bubble of 1990 (Japan) – Stock and real estate prices crashed launching Japan’s Lost Decade, deflationary/disinflationary crisis largely confined to Japan.

Scandinavian Banking Crisis of 1990 (Sweden, Finland) –  Currency and financial institution breakdown, real estate bust.

Pound Sterling Crisis of 1992–93 (Great Britain) – Speculative attack on British pound forced UK’s withdrawal from European Exchange Rate Mechanism and caused recession.

“Tequila Crisis” of 1994 (Mexico) – Sudden devaluation of peso touched off high inflation,  asset destruction, bank runs and  controversial bailout by the United States government.

Financial Crisis of 1997 (Asia) – Financial contagion affected several Asian nations, including stock market collapses, high inflation and unemployment, real estate busts and a general financial panic.

Monetary Crisis of 1998 (Russia) – Russia devalued ruble, defaulted on its debts with knock-on effects globally, including an 11.5% drop in the Dow Jones Industrial Average in three trading sessions and the collapse of Long Term Capital Management.

Economic Collapse of 1999 (Argentina) – Government defaulted on sovereign debts causing bank runs, riots, capital flight. Overnight, the government froze all bank accounts for 12 months. The economy ground to a virtual halt.

Dot-com Bubble Bust of 2001 (United States) – Internet stock speculative frenzy ended in tech stock market collapse and general market malaise that lasted for over a decade. Helped launch gold’s secular bull market.

Bank Crisis of 2008 (Iceland) -  Banks’ collapse caused depositor run, sharp drop in value of Icelandic kronor.

Nightmare Hyperinflation of 2008 (Zimbabwe) - The worst 21st century hyperinflation thus far, a 79.6 billion per cent annual inflation rate at its peak in 2008.

Financial Crisis of 2008 (United States, Global) – Near collapse of global financial system caused extensive, widespread government bailouts and strong international safe-haven gold demand among private investors, institutions and central banks.

Sovereign Debt Crisis of 2010 (European Union) – Began in Greece and spread through most of Europe. Ongoing crisis precipitated fear among global investors about stability of Europe’s banking system and the Euro currency bloc.



http://www.usagold.com/publications/NewsViewsNVJuly2017.html
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July 02, 2017, 05:25:55 PM
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Very interesting long list here. Even us who are practically clueless when it come to economics probably already know a lot of this happens from the government fcukin things up.

Quote
Medici Bank Collapse of 1494 (Florence, Italy) - Corruption, faulty investment, political intrigue and incompetent management brought down the famed Florentine bank -- millions lost resulting in tyrannical taxes imposed on citizenry.

To be fair to the Medicis, what really did them in is lending money to monarchs. It wasn't exactly the best time to lend them money, since they can always just default and there's no way to compel them to pay back their debts. Kinda made me wonder, if they ever got a choice anyway, on whether to extend the loan or not.

<|°_°|>
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July 02, 2017, 05:52:11 PM
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I never take out loans and do not advise anyone to take them. Theoretically, when you take a loan you find yourself in debt. For example, it looks like. If the economy has 100 dollars which you borrow, where you will take another five to repay the interest. Then you depend on the Bank. If he throws into circulation five dollars you have the ability to buy them and pay, and if not then one hundred dollars and all your goods will accrue to the Bank.
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July 04, 2017, 02:14:14 AM
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I never take out loans and do not advise anyone to take them. Theoretically, when you take a loan you find yourself in debt. For example, it looks like. If the economy has 100 dollars which you borrow, where you will take another five to repay the interest. Then you depend on the Bank. If he throws into circulation five dollars you have the ability to buy them and pay, and if not then one hundred dollars and all your goods will accrue to the Bank.

The only "loan" I ever get is using my credit card for my groceries. There is no interest anyway so I'm fine with that. I also use it to buy other stuff even if I have the cash to pay for it. If the difference between paying in cash and credit is not that different, then I'd rather have my cash with me for emergencies.

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July 04, 2017, 05:35:07 AM
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Great list to always remind yourself that no matter how safe we seem to be in, no matter how safe the dollars in your hands might seem, you're ultimately putting trust into a bunch of greedy people that makes all the decisions.

It's funny because, before centralized banking came about, there were no financial crises. Only when someone is controlling the monetary supply do hyperinflation, deflation, recessions happen. When people were using gold, all was good; but as soon as the currency was debased by adding bronze etc. into the coins, the financial system was ready to collapse.

And who else noticed we haven't got a major crisis in the US for almost a decade now? I wouldn't be surprised at all if by the end of the decade, something extreme just suddenly happens due to the debt bubble.
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July 04, 2017, 09:19:08 AM
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Great list to always remind yourself that no matter how safe we seem to be in, no matter how safe the dollars in your hands might seem, you're ultimately putting trust into a bunch of greedy people that makes all the decisions.

It's funny because, before centralized banking came about, there were no financial crises. Only when someone is controlling the monetary supply do hyperinflation, deflation, recessions happen. When people were using gold, all was good; but as soon as the currency was debased by adding bronze etc. into the coins, the financial system was ready to collapse.

And who else noticed we haven't got a major crisis in the US for almost a decade now? I wouldn't be surprised at all if by the end of the decade, something extreme just suddenly happens due to the debt bubble.

This isn't accurate at all, there were plenty of smaller financial crises before central banking, you can take a look at a few of them on the on the federal Reserve bank of San Francisco. They dive into what happened in the panic of 1907 and how a federal system could have handled that better, I mean you can probably make the case that they're bias but the research being done and published by them is sound.

I think that since the crisis related to a more globalized and centralized system are larger it's easier to become more aware of them. I mean there are plenty of smaller crisis in smaller counties (which in many ways simulate what it would look like if you had a less centralized system) which go largely unnoticed.
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July 05, 2017, 01:00:25 AM
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Excellent chronology!

Is it just me, or are the majority of financial crisis after 1500? I mean it could be just that it is more recent and people actually documented it instead of the earlier years, but it seems clear to me that as yuuto pointed out, central banking has a lot to do with the surge in financial crises.

Great list to always remind yourself that no matter how safe we seem to be in, no matter how safe the dollars in your hands might seem, you're ultimately putting trust into a bunch of greedy people that makes all the decisions.

It's funny because, before centralized banking came about, there were no financial crises. Only when someone is controlling the monetary supply do hyperinflation, deflation, recessions happen. When people were using gold, all was good; but as soon as the currency was debased by adding bronze etc. into the coins, the financial system was ready to collapse.

And who else noticed we haven't got a major crisis in the US for almost a decade now? I wouldn't be surprised at all if by the end of the decade, something extreme just suddenly happens due to the debt bubble.

This isn't accurate at all, there were plenty of smaller financial crises before central banking, you can take a look at a few of them on the on the federal Reserve bank of San Francisco. They dive into what happened in the panic of 1907 and how a federal system could have handled that better, I mean you can probably make the case that they're bias but the research being done and published by them is sound.

I think that since the crisis related to a more globalized and centralized system are larger it's easier to become more aware of them. I mean there are plenty of smaller crisis in smaller counties (which in many ways simulate what it would look like if you had a less centralized system) which go largely unnoticed.

What I see is that centrarl banking fuels much larger, much more widespreads financial crises such as the great depression. Before central banking there were obviously financial crises as well, except they are much smaller in scale.

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July 05, 2017, 01:41:39 AM
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Great article, thank you for sharing.  They teach us history so we will not repeat it.  However, it seems we are not taught actual history but  a distorted history.  The victor gets to tell the tale.
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July 05, 2017, 02:40:56 AM
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Excellent chronology!

Is it just me, or are the majority of financial crisis after 1500? I mean it could be just that it is more recent and people actually documented it instead of the earlier years, but it seems clear to me that as yuuto pointed out, central banking has a lot to do with the surge in financial crises.

I think it is because the recent crises are more well documented. If you look at the last 30 years, crises in Argentina, South East Asia, Africa are well documented. If you look at the pre-BC era, we are only aware of the problems in the Greek / Roman civilization.
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July 06, 2017, 04:05:03 PM
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Excellent chronology!

Is it just me, or are the majority of financial crisis after 1500? I mean it could be just that it is more recent and people actually documented it instead of the earlier years, but it seems clear to me that as yuuto pointed out, central banking has a lot to do with the surge in financial crises.

I think it is because the recent crises are more well documented. If you look at the last 30 years, crises in Argentina, South East Asia, Africa are well documented. If you look at the pre-BC era, we are only aware of the problems in the Greek / Roman civilization.


Yes, I think that is an important reason why so many financial crises have happened since 1500.  Better record-keeping.

I would also argue that the world's population is also much larger and more complex, with many more governments and central banks.  It would be interesting if "someone" would do a study of crises and population (through time) and perhaps number of governments too.  Perhaps either (or both) population growth or government growth would correlate well with the above chronology. 

A good PhD dissertation?
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July 06, 2017, 04:23:37 PM
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Excellent chronology!

Is it just me, or are the majority of financial crisis after 1500? I mean it could be just that it is more recent and people actually documented it instead of the earlier years, but it seems clear to me that as yuuto pointed out, central banking has a lot to do with the surge in financial crises.

I think it is because the recent crises are more well documented. If you look at the last 30 years, crises in Argentina, South East Asia, Africa are well documented. If you look at the pre-BC era, we are only aware of the problems in the Greek / Roman civilization.


Yes, I think that is an important reason why so many financial crises have happened since 1500.  Better record-keeping.

I would also argue that the world's population is also much larger and more complex, with many more governments and central banks.  It would be interesting if "someone" would do a study of crises and population (through time) and perhaps number of governments too.  Perhaps either (or both) population growth or government growth would correlate well with the above chronology. 

A good PhD dissertation?

Yes, the number of governments is an important variable. We have had different currency crisis in individual countries of Europe. However, the European Union is strong and the Euro is unlikely to face a currency crisis.
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July 06, 2017, 05:17:19 PM
 #12

In the Genesis block, Satoshi added the title of an article from The Times:

Chancellor On Brink Of Second Bailout For Banks.

By doing so, he was showing the crazy lengths that society is going to to uphold a system that doesn't work.
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July 06, 2017, 05:23:18 PM
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Great read. Thanks OP

Forgive my petulance and oft-times, I fear, ill-founded criticisms, and forgive me that I have, by this time, made your eyes and head ache with my long letter. But I cannot forgo hastily the pleasure and pride of thus conversing with you.
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July 14, 2017, 11:50:08 AM
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The information is really interesting and curious. Which source did you use?
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July 14, 2017, 01:42:23 PM
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One country listed I like: Iceland. My hat for this country
Iceland is the only nation that put top finance executives behind bars after the 2008 crisis. Still, fears of crony capitalism remain. This Is Where Bad Bankers Go to Prison. source https://www.bloomberg.com/news/features/2016-03-31/welcome-to-iceland-where-bad-bankers-go-to-prison
The day I see this in my country, it will be a nationnal party

The information is really interesting and curious. Which source did you use?

Cheesy LOL did you read the post? I guess nope because it is written in the last line

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July 14, 2017, 02:30:43 PM
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Excellent chronology!

Is it just me, or are the majority of financial crisis after 1500? I mean it could be just that it is more recent and people actually documented it instead of the earlier years, but it seems clear to me that as yuuto pointed out, central banking has a lot to do with the surge in financial crises.

I think it is because the recent crises are more well documented. If you look at the last 30 years, crises in Argentina, South East Asia, Africa are well documented. If you look at the pre-BC era, we are only aware of the problems in the Greek / Roman civilization.


Yes, I think that is an important reason why so many financial crises have happened since 1500.  Better record-keeping.

I would also argue that the world's population is also much larger and more complex, with many more governments and central banks.  It would be interesting if "someone" would do a study of crises and population (through time) and perhaps number of governments too.  Perhaps either (or both) population growth or government growth would correlate well with the above chronology. 

A good PhD dissertation?

Yes, the number of governments is an important variable. We have had different currency crisis in individual countries of Europe. However, the European Union is strong and the Euro is unlikely to face a currency crisis.
The Euro now has no problems? It was impossible to make the European Union Greece. The Greeks will never learn to work and will pull the EU down. The refugee crisis also will not pass. This will affect the Euro. Government failure can influence not only the economy, but also to question the very existence of Europe.
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July 14, 2017, 05:56:45 PM
 #17

All of these things are part of the human history and yet looking at today's global economy it seems to me that we have not learned enough because in one or another we keep on repeating many of the big financial mistakes in the past that led to ruin and even collapse of many empires. Maybe we are getting to be a generation that is so willing to bury its head in the sand to make the problem go away.

One thing that strikes is that desire to always print more paper money thinking that it might not be a trap but a way to build the economy. Such a strategy will strike back sooner or later. of course, our modern world has become so sophisticated that we think we are already immune to the mistakes as recorded in the annals of history.

I am just wishing that we will not be recreating the many disastrous stories into the cryptocurrency stage.
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July 15, 2017, 12:19:42 AM
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One thing that strikes is that desire to always print more paper money thinking that it might not be a trap but a way to build the economy. Such a strategy will strike back sooner or later. of course, our modern world has become so sophisticated that we think we are already immune to the mistakes as recorded in the annals of history.

A lot of politicians today are short-sighted. They don't care about their legacy and want to cling on to power. They are ready to do anything which will help them cling on to power. Printing lots of paper money will have disastrous long-term effects, but they really don't care.
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July 15, 2017, 01:01:59 AM
 #19

Amazing list, now we should definitely create something like this but for bitcoin and/or other cryptocurrencies.
I am afraid however the list would be too long to accumulate limit of the characters in a simple bitcointalk post.
Bitcoin is so hard intertwined with FUD, crazy panic, speculation and paranoia that every day we have someone who thinks tomorrow BTC will be gone.


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Ewinsane
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July 16, 2017, 08:44:56 PM
 #20

One thing that strikes is that desire to always print more paper money thinking that it might not be a trap but a way to build the economy. Such a strategy will strike back sooner or later. of course, our modern world has become so sophisticated that we think we are already immune to the mistakes as recorded in the annals of history.

A lot of politicians today are short-sighted. They don't care about their legacy and want to cling on to power. They are ready to do anything which will help them cling on to power. Printing lots of paper money will have disastrous long-term effects, but they really don't care.
Yup many of the politicians are too greedy for the power that they don’t care about anything else but want to remain in the power. This is actually the impact that we get from materialism, looking at the world today people are more materialistic than ever before, even the common man is nowadays preferring the scenario “friends with benefits”. So when a common man thinks of life and relations in this sense, it is freaky to know how a person with an absolute power will act. These things surely lead to disasters.
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