Bismarck’s Banker

           In the history of Germany, few men are as significant as Otto von Bismarck, who unified the country in the mid-19th century. It is perhaps not because of Bismarck that Germany unified, but Bismarck more than anyone else elected the manner in which it would be done. Through the entire saga, he had a financier

South Africa’s Industrial Gold Rush

           The extraction of commodities can be the fuel for financial booms and busts. Whether it be cotton in 19th century Egypt or oil in 20th century Venezuela, commodities have enriched people, firms, and nations, often temporarily. Perhaps some of the most historically memorable commodity booms were the gold rushes of the 19th century, which snapped

The South Sea Bubble in Writing

           Perhaps one of history’s best-known financial bubbles was also among the first. The South Sea Bubble, which inflated and popped in 1720, was the product of the “Financial Revolution” which began in Britain in the late 17th century. The crash is at least familiar to many interested in the history of financial crises. For this,

America’s Foreign-Currency Bonds

           Developing countries and smaller developed country governments often issue bonds in other currencies than their own. This allows investors to separate out the credit risk from the currency, inflation, and interest-rate risk of a particular country. An investor in developing country ‘hard-currency’ bonds, for example, can buy such bonds to take a view of the