Gold

Murray Stahl: California Gold Rush And The Nature of Bubbles

This section features a person who is historically insignificant in the business world, but is included to illustrate a point about bubbles. When bubbles are viewed at a granular level from the perspective of individuals rather than at a fiscal level, it becomes obvious that they are much more complicated than the statistics would suggest. The bubble in question is known as the California Gold Rush and we’ll examine it from the standpoint of Johann Suter, known in the U.S. as John Sutter. He was an immigrant from Switzerland who became famous after . . .

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