The ledger that never issued a share burst the South Sea bubble

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The ledger that never issued a share burst the South Sea bubble

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A clerk records millions in phantom stock transactions for a company built on a non-existent trade route, fueling the largest financial fraud in British history.

The ledger that never issued a share burst the South Sea bubble

This episode delves into the origins of the South Sea Company, revealing how a scheme built on a war debt and a fictional trade route managed to operate for nearly a decade. It explores the deliberate engineering of a financial bubble and the efforts to conceal its true nature.

Period: 1711-1720
Event: South Sea Bubble
Key Person: Robert Knight
Financial Instrument: Phantom stock
National Debt: Nine million pounds

- The story begins with Robert Knight, a clerk, recording millions of pounds in stock transactions for shares that did not exist.
- Britain faced a nine-million-pound national debt in 1711, with no allocated income to service it.
- Robert Knight, Chancellor of the Exchequer, sought a solution to the debt problem and found John Blunt, who ran the Hollow Sword Blade Company.
- The South Sea Company was chartered in 1711, promising to take on government debt in exchange for an annuity and exclusive trading rights with Spanish South America.
- The trading rights with Spain, which formed the basis of the company's value, were theoretical and not agreed upon by Spain.

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