Extra Credits
Published on 11 Apr 2015Support us on Patreon! http://bit.ly/EHPatreon
____________With the South Sea Company’s value dangerously inflated, Blunt drives one more scheme to raise stock prices – and it finally backfires on him. Early investors (including the famous politician Robert Walpole) seize the opportunity to sell their stock while the value is high, and the general public finally realizes that the South Sea Company has no actual worth. Everyone who didn’t sell their stock in the first round finds themselves suddenly bankrupt as the stock value plummets. Even King George, on vacation when disaster strikes, loses a large amount of the royal fortune. Robert Walpole, however, sees this as an opportunity to make himself a hero of the public. Hiding his own involvement in the South Sea Swindle, he cancels all debts owed for the company’s stock to help put its public investors back on their feet. Despite this, the public demands an inquiry and Walpole must walk a thin line between his facade as defender of the people and the reality of his, his party, and the King’s blatant corruption.
November 28, 2018
England: South Sea Bubble – The Bubble Pops – Extra History – #4
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