1. Tulip mania – At the peak of tulip mania, in March 1637, some single tulip bulbs sold for more than 10 times the annual income of a skilled craftsman. The term "mania" is now often used metaphorically to refer to any large economic bubble when asset prices deviate from intrinsic values. The 1637 event was popularized by the book Extraordinary Popular Delusions and the Madness of Crowds, written by British journalist Charles Mackay. According at one point 12 acres of land were offered for a Semper Augustus bulb. Dutch commerce suffered a severe shock. Although Mackay's book is a classic, his account is contested. Research is difficult because of the limited economic data from the 1630s—much of which come from biased and very speculative sources. Some modern economists have proposed rational explanations, rather than a speculative mania, for the fall in prices. For example, other flowers, such as the hyacinth, also had initial prices at the time of their introduction, which immediately fell. Tulip bulbs were soon distributed to Augsburg, Antwerp and Amsterdam. The tulip was different from every other flower known to Europe with a saturated intense petal color that no other plant had. The appearance of the nonpareil tulip as a symbol at this time coincides with the rise of newly independent Holland's trade fortunes. No longer the Spanish Netherlands, its economic resources could now be channeled into the country embarked on its Golden Age. Amsterdam merchants were at the center of the lucrative East Indies trade, where one voyage could yield profits of 400%. As a result, a profusion of varieties followed.Tulip mania – A tulip, known as "the Viceroy" (viseroij), displayed in the 1637 Dutch catalog 'Verzameling van een Meenigte Tulipaanen'. Its bulb cost between 3,000 and 4,200 guilders (florins) depending on size (aase). A skilled craftsman at the time earned about 300 guilders a year.
2. Ambrosius Bosschaert – Ambrosius Bosschaert the Elder was a still life painter of the Dutch Golden Age. He specialized in painting still lifes with flowers, which he signed with the monogram AB. At the age of twenty-one, he later became dean. Not long after, Bosschaert had established himself as a leading figure in the fashionable floral painting genre. He had three sons who all became flower painters; Ambrosius II, Abraham. His brother-in-law Balthasar van Ast also lived and worked in his workshop and moved with him on his travels. Bosschaert later worked in Amsterdam, Bergen op Zoom, Breda. The painter Roelandt Savery entered the St. Luke's guild at about the same time. Savery had considerable influence on the Bosschaert dynasty. When Bosschaert died in The Hague while there for a flower piece, Balthasar van der Ast took over running his workshop and pupils. His bouquets were normally on copper. They sometimes included religious meanings. At the time of his death, Bosschaert was working on an important commission in the Hague. That piece is now in the collection in Stockholm. Thanks to the booming Dutch art market, he became highly successful, as the inscription on one of his paintings attests.Ambrosius Bosschaert – Still-Life of Flowers, 1614
3. Corporation – A corporation is a company or group of people authorized to act as a single entity and recognized as such in law. Early incorporated entities were established by charter. Most jurisdictions now allow the creation of new corporations through registration. There is some overlap for profit/not-for-profit in that not-for-profit corporations are always non-stock as well. Some for profit corporations may choose to be non-stock. Registered corporations are owned by shareholders whose liability is limited to their investment. Shareholders do not typically actively manage a corporation; shareholders instead appoint a board of directors to control the corporation in a fiduciary capacity. In American English, the corporation is most often used to describe large business corporations. They can themselves be responsible for human rights violations. Corporations can be "dissolved" on the part of shareholders. Corporations can even be convicted of criminal offenses, such as manslaughter. However, corporations are not considered living entities in the way that humans are. While not a corporation, this new type of entity became very attractive as an alternative for corporations not needing to stock. In Germany, the organization was referred to as Gesellschaft mit beschränkter Haftung or GmbH. Since the GmbH and LLC forms of organization are technically not corporations they will not be discussed in this article.Corporation – McDonald's Corporation is one of the most recognizable corporations in the world.
4. Dot-com bubble – The period was marked by the founding of several new Internet-based companies commonly referred to as dot-coms. The collapse of the bubble took place during 1999–2001. Some companies, such as pets.com and Webvan, failed completely. Others – such as Cisco, whose stock declined by 86% – lost a large portion of their market capitalization but remained stable and profitable. Some, such as eBay.com, later recovered and even surpassed their dot-com-bubble peaks. The stock of Amazon.com came to exceed $700 per share, for example, after having gone from $107 to $7 in the crash. The low interest rates of 1998–99 helped increase the start-up capital amounts. A canonical "dot-com" company's model relied on harnessing network effects by building share. The motto “get big fast” reflected this strategy. This occurred in industrialized nations due to the reducing “digital divide” in the late 1990s, early 2000s. The absence of infrastructure and a lack of understanding were two major obstacles that previously obstructed mass connectivity. For these reasons, individuals had limited capabilities in what they could do and what they could achieve in accessing technology. Increased means of connectivity to the Internet than previously available allowed the use of ICT to progress from a luxury good to a necessity good. As connectivity grew, so did the potential for venture capitalists to take advantage of the growing field. The impacts of technologies driven from the effectiveness of new Internet websites ultimately influenced the growth during this time.Dot-com bubble – The NASDAQ Composite index spiked in the late 90s and then fell sharply as a result of the dot-com bubble.
5. History of the Netherlands – The history of the Netherlands is the history of seafaring people thriving on a lowland river delta on the North Sea in northwestern Europe. Records begin with the four centuries during which the region formed a militarized zone of the Roman empire. This came under increasing pressure from Germanic peoples moving westwards. The region of the Netherlands therefore became part of Lower Lotharingia within the Frankish Holy Roman Empire. For several centuries, lordships such as Brabant, Holland, Zeeland, Friesland, Guelders and others held a changing patchwork of territories. There was no unified equivalent of the modern Netherlands. The Catholic kings of Spain took strong measures against the new Protestantism and other dissent, which polarized those peoples of present-day Belgium and Holland. It became the modern Netherlands. In the Dutch Golden Age, which had its zenith around 1667, there was a flowering of trade, industry, the sciences. During the 18th century the wealth of the Netherlands declined. A series of wars with French neighbors weakened it. Britain seized the North American colony of New Amsterdam, turning it into New York. There was growing conflict between the Orangists and the Patriots. A pro-French Batavian Republic was established in 1795 -- 1806. Napoleon made it the Kingdom of Holland, later simply a French imperial province.History of the Netherlands – The Netherlands in 5500 BC
6. Netherlands – The Netherlands is the main constituent country of the Kingdom of the Netherlands. It is a small, densely populated country located in Western Europe with three island territories in the Caribbean. The largest cities in the Netherlands are Amsterdam, Rotterdam, Utrecht. Amsterdam is the country's capital, while The Hague holds the Dutch seat of parliament. The name Holland is also incorrectly used to refer informally to the whole of the country of the Netherlands. "Netherlands" literally influenced by its low land and flat geography, with only about 50 % of its land exceeding one metre above sea level. Most of the areas below level are man-made. Since the 16th century, large areas have been reclaimed from the sea and lakes, amounting to nearly 17 % of the country's current land mass. With a density of 408 people per km2 -- 505 if water is excluded -- the Netherlands is classified as a very densely populated country. Only Bangladesh, Taiwan have both a larger population and higher population density. England at 420 people per km2 is also more densely populated when the total area of the Netherlands including water is used. Nevertheless, the Netherlands is the world's second-largest exporter of food and agricultural products, after the United States. This is partly due to the fertility of the mild climate. In 2001, it became the world's first country to legalise same-sex marriage. The Netherlands is a founding member of the EU, a part of the trilateral Benelux Union.Netherlands – The Netherlands in 5500 BC
7. Ponzi scheme – Ponzi schemes occasionally begin as legitimate businesses, until the business fails to achieve the returns expected. The business becomes a Ponzi scheme if it then continues under fraudulent terms. Whatever the initial situation, the perpetuation of the high returns requires an ever-increasing flow of money from new investors to sustain the scheme. The scheme is named after Charles Ponzi, who became notorious for using the technique in 1920. Ponzi schemes sometimes commence operations as legitimate investment vehicles, such as hedge funds. A wide variety of investment vehicles or strategies, typically legitimate, have become the basis of Ponzi schemes. For instance, Allen Stanford used bank certificates of deposit to defraud tens of thousands of people. Certificates of deposit are usually low-risk and insured instruments, but the Stanford CDs were fraudulent. Initially the promoter will pay out high returns to attract more investors, to lure current investors into putting in additional money. Other investors begin to participate, leading to a cascade effect. The "return" to the initial investors is paid out of the investments of new entrants, rather than solely from profits. This maintains the deception that the scheme is an investment with high returns. The promoter sees new cash flows as investors are told they cannot transfer money from the first plan to the second. Such liquidity crises often trigger panics, as more people start asking for their money, similar to a bank run. External market forces, such as a sharp decline in the economy, cause many investors to withdraw part or all of their funds.Ponzi scheme – 1920 photo of Charles Ponzi, the namesake of the scheme, while still working as a businessman in his office in Boston
8. Stock market crash – Crashes are driven by panic as by underlying economic factors. They often follow speculative stock market bubbles. Crashes are often distinguished from bear markets by dramatic price declines. Bear markets are periods of declining market prices that are measured in years. While crashes are often associated with bear markets, they do not necessarily go hand in hand. The crash for example, did not lead to a market. Likewise, the Japanese market of the 1990s occurred without any notable crashes. The mathematical characterisation of stock market movements has been a subject of intense interest. The conventional assumption has been that stock markets behave according to a random log-normal distribution. Among others, mathematician Benoît Mandelbrot suggested as early as 1963 that the statistics prove this assumption incorrect. Mandelbrot observed that large movements in prices are much more common than would be predicted in a log-normal distribution. Mandelbrot and others suggest that the nature of market moves is generally much better explained using non-linear analysis and concepts of chaos theory. This has been expressed by George Soros in his discussions of what he calls reflexivity of their non-linear movement. George Soros said in late October 1987,'Mr. Robert Prechter's reversal proved to be the crack that started the avalanche'.Stock market crash – Crowd gathering on Wall Street the day after the 1929 crash.
9. Stock market bubble – Behavioral theory attributes market bubbles to cognitive biases that lead to groupthink and herd behavior. Bubbles occur not only in real-world markets, with their inherent uncertainty and noise, but also in highly predictable experimental markets. Theoretical explanations of market bubbles have suggested that they are rational, intrinsic, contagious. Two early stock market bubbles were the South Sea bubble in England. Both bubbles came to an abrupt end in 1720, bankrupting thousands of unfortunate investors. Many others, are recounted in "Extraordinary Popular Delusions and the Madness of Crowds". The 1920s saw the widespread introduction of an amazing range of technological innovations including radio, the deployment of electrical power grids. The 1990s was the decade when Internet and e-commerce technologies emerged. These hot IPO markets misallocate investment funds to areas dictated by speculative trends, rather than to enterprises generating longstanding economic value. Sometimes, people will dismiss concerns about overpriced markets by citing a new economy where the old valuation rules may no longer apply. This type of thinking helps to further propagate the bubble whereby everyone is investing with the intent of finding a greater fool. Still, some analysts cite the wisdom of crowds and say that price movements really do reflect rational expectations of fundamental returns. Large traders become powerful enough to rock the boat, generating stock market bubbles. The bubble in closed-end country funds in the late 1980s is instructive here, as are the bubbles that occur in experimental asset markets. According to the efficient-market hypothesis, this doesn't happen, so any data is wrong.Stock market bubble
10. Market trend – A market trend is a perceived tendency of financial markets to move in a particular direction over time. These trends are classified as secular for long time frames, secondary for short time frames. A trend can only be determined in hindsight, since at any time prices in the future are not known. The fighting styles of both animals may have a major impact on the names. Some analogies that have been used as mnemonic devices: Bull is short for "bully", in its somewhat dated meaning of "excellent". They were originally used to two old merchant banking families, the Barings and the Bulstrodes. The word "bull" plays off the market's returns being "full", whereas "bear" alludes to the market's returns being "bare". "Bull" symbolizes charging ahead with excessive confidence, whereas "bear" symbolizes preparing in doubt. A secular trend is a long-term trend that lasts 5 to 25 years and consists of a series of primary trends. A secular market consists of smaller bull markets and larger bear markets; a secular bull market consists of larger bull markets and smaller bear markets. In a secular market the prevailing trend is "bullish" or upward-moving. In a secular market, the prevailing trend is "bearish" or downward-moving. An example of a secular market occurred in gold between January 1980 to June 1999, culminating with the Brown Bottom. During this period the nominal price fell from a high of $850/oz to a low of $253/oz, became part of the Great Commodities Depression. A primary trend lasts for a year or more.Market trend – Statues of the two symbolic beasts of finance, the bear and the bull, in front of the Frankfurt Stock Exchange.
11. Speculation – Both "Land speculation" and "Speculator" redirect here. For the Montana mining incident, see Speculator Mine disaster. For the village in New York, see Speculator, New York. Speculation is the purchase of an asset with the hope that it will become more valuable at a future date. Many speculators pay little attention to the fundamental value of a security and instead focus purely on price movements. Speculation can in principle involve any tradable good or financial instrument. Speculators are particularly common in the markets for stocks, bonds, commodity futures, currencies, derivatives. The number of shareholders increased, perhaps, from 4.4 million in 1900 to 26 million in 1932. The view of what distinguishes investment from speculation from excessive speculation varies widely among academics. Some sources note that speculation is simply a higher risk form of investment. Others define speculation more narrowly as positions not characterized as hedging. The U.S. The agency emphasizes that speculators serve important market functions, but defines excessive speculation as harmful to the proper functioning of futures markets. According to Ben Graham in The Intelligent Investor, the prototypical defensive investor is "...one interested chiefly in safety plus freedom from bother." Speculation is condemned as thereby promoting the vices of gambling.Speculation – Financial market participants
12. Haarlem – Haarlem is a city and municipality in the Netherlands. Haarlem had a population of 155,758 in 2014. It is many residents commute to the country's capital for work. Haarlem was granted city stadsrechten in 1245, although the first city walls were not built until 1270. The modern city encompasses the former municipality of Schoten well as parts that previously belonged to Bloemendaal and Heemstede. Apart from the city, the municipality of Haarlem also includes the western part of the village of Spaarndam. Newer sections of Spaarndam lie within the neighbouring municipality of Haarlemmerliede en Spaarnwoude. The city is located near the coastal dunes. It has been the historical centre of the bulb-growing district for centuries and bears the nickname'Bloemenstad', for this reason. Haarlem became wealthy with toll revenues that it collected from travellers moving on this busy North-South route. However, as shipping became increasingly important economically, the city of Amsterdam became the Dutch city of North Holland during the Dutch Golden Age. Nowadays many of them are on the Dutch Heritage register known as Rijksmonuments. The list of Rijksmonuments in Haarlem gives an overview of these per neighbourhood, with the majority in the old centre. The oldest mentioning of Haarlem dates from the 10th century. The name probably comes from "Haarlo-heim".Haarlem – Grote Kerk ("Great Church") on the Grote Markt, Haarlem's central square
13. Railway Mania – Railway Mania was an instance of speculative frenzy in Britain in the 1840s. It followed a common pattern: as the price of railway shares increased, more money was poured in by speculators until the inevitable collapse. The Liverpool and Manchester, opened in 1830 and proved to be highly successful for transporting both passengers and freight. Early 1840s saw the British economy slow down. By the mid-1840s, the manufacturing industries were once again growing. Crucially, there were more investors in British business. The Industrial Revolution was creating a new, increasingly affluent middle class. With these limits removed anyone could invest money on railways were heavily promoted as a foolproof venture. Shares could be purchased for a 10 % deposit with the company holding the right to call in the remainder at any time. The British government promoted an totally ` laissez-faire' system of non-regulation in the railways. Anyone could form a company, submit a Bill to Parliament. Magnates like George Hudson developed routes by amalgamating small railway companies and rationalising routes. He ultimately failed owing to his fraudulent practices of, for example, paying dividends from capital. As with other bubbles, the Railway Mania became a self-promoting cycle based purely on over-optimistic speculation. Coupled to this, in late 1845 the Bank of England put up interest rates.Railway Mania – A painting of the inaugural journey of the Liverpool and Manchester Railway, by A.B. Clayton
14. Stock market downturn of 2002 – In 2001, stock prices took a sharp downturn in stock markets across the United States, Canada, Asia, Europe. The dollar declined steadily against the euro, reaching a 1-to-1 valuation not seen since the euro's introduction. After a decade-long bull market had led to unusually high stock valuations. The collapse of Enron is a prime example. Many internet companies went bankrupt. Others went down dramatically in value, but have generally good long-term growth prospects. The September 11 attacks also contributed heavily to the stock downturn, as investors became unsure about the prospect of terrorism affecting the United States economy. The International Monetary Fund had expressed concern about instability in the months leading up to the sharp downturn. The technology-heavy NASDAQ market peaked on March 10, 2000, hitting an intra-day high of 5,132.52 and closing at 5,048.62. In 2001, the DJIA had reached a secondary peak of 11,337.92 on May 21. The downturn may be viewed to average stock market performance in a longer-term context. From 1995 to 2000, the Dow rose 15 % a year. After falling for 11 of 12 consecutive days closing on July 23, 2002, the market rallied. The Dow then fell sharply again in early August. On August 5, the NASDAQ fell below its July 23 low.Stock market downturn of 2002 – This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (May 2010)
15. South Sea Company – The South Sea Company was a British joint-stock company founded in 1711, created as a public-private partnership to consolidate and reduce the cost of national debt. The company was also granted a monopoly to trade with South America, hence its name. At the time it was created, Britain was involved in the War of the Spanish Succession and Spain controlled South America. There was no realistic prospect that trade would take place and the company never realised any significant profit from its monopoly. The Bubble Act 1720, which forbade the creation of joint-stock companies without royal charter, was promoted by the South Sea company itself before its collapse. In Great Britain, a considerable number of people were ruined by the share collapse, the national economy greatly reduced as a result. Huge bribes were given to politicians to support the Acts of Parliament necessary for the scheme. The only significant trade that did take place was in slaves, but the company failed to manage this profitably. A parliamentary enquiry was held after the crash to discover its causes. A number of politicians were disgraced, people found to have profited unlawfully from the company had assets confiscated proportionate to their gains. The company was continued to operate after the Bubble. The headquarters were in Threadneedle Street at the centre of the financial district in London; today the Bank of England has headquarters on Threadneedle Street. In August 1710 Robert Harley was appointed Chancellor of the Exchequer in a government of commission. The government at this time had become reliant on the Bank of England. The government had become dissatisfied with the service it was receiving and Harley was actively seeking new ways to improve the national finances.South Sea Company – Hogarthian image of the 1720 "South Sea Bubble" from the mid-19th century, by Edward Matthew Ward, Tate Gallery
16. Short (finance) – In finance, short selling is the practice of selling securities or other financial instruments that are not currently owned, subsequently repurchasing them. Conversely, the short position will be closed out at a loss in the event that the price of a shorted instrument should rise prior to repurchase. In the markets, the seller generally must borrow the securities in order to effect delivery in the short sale. Mathematically, the return from a short position is equivalent to that of owning a negative amount of the instrument. A short sale may be motivated by a variety of objectives. Traders or fund managers may hedge a portfolio through one or more short positions. Although some feel that short selling is morally wrong, research indicates that banning short selling has negative effects on markets. The following example describes the short sale of a security. When the seller decides that the time is right, the seller returns them to the lender. In most market conditions there is a ready supply of securities to be borrowed, held by pension funds, other investors. The act of buying back the securities that were sold short is called "covering the short" or "covering the position". A short position can be covered at any time before the securities are due to be returned. Short selling refers broadly to any transaction used by an investor to profit from the decline in price of financial instrument. Derivatives contracts include futures, swaps. Shares in ACME Inc. currently trade at $10 per share.Short (finance) – Securities
17. Economic bubble – An economic bubble or asset bubble is trade in an asset at a price or price range that strongly deviates from the corresponding asset's intrinsic value. It could also be described as a situation in which asset prices appear to be based on implausible or inconsistent views about the future. Asset bubbles are now widely regarded as a recurrent feature of economic history. Such a drop is known as a burst. Prices in an economic bubble can become impossible to predict from demand alone. Research has recently shown that bubbles may appear even without uncertainty, speculation, or rationality. Similar explanations suggest that bubbles might ultimately be caused by processes of price coordination. More recent theories of formation suggest that these events are sociologically driven. For instance, explanations have focused on the role that culturally-situated narratives play in these events. This was one of the earliest financial crises; other episodes were referred to as "manias", as in the Dutch mania. Political economist Robert E. Wright argues that bubbles can be identified before the fact with high confidence. Not only can the aftermath of a crash devastate the economy of a nation, but its effects can also reverberate beyond its borders. Another important aspect of economic bubbles is their impact on spending habits. Market participants with overvalued assets tend to spend more because they "feel" richer. This is usually done by increasing the interest rate.Economic bubble – A card from the South Sea Bubble
18. John Law (economist) – Law was appointed Controller General of Finances of France under the Duke of Orleans, regent for Louis XV. The Mississippi Bubble was contemporaneous with the South Sea bubble of England. He was a brilliant mental calculator. Law was known to win card games by mentally calculating the odds. Law originated economic ideas such as the "real bills doctrine". He studied the banking business until his father died in 1688. He subsequently travelled to London to live the "British Dandy" lifestyle. Law subsequently lost large sums of money in gambling. On 9 John Law fought a duel with another British Dandy, Edward "Beau" Wilson in Bloomsbury Square in London. Wilson had challenged Law over the affections of Elizabeth Villiers. He killed Wilson with a single thrust of his sword. Law was arrested, stood trial at the Old Bailey. Law was found guilty of murder, sentenced to death. Law was initially incarcerated in Newgate Prison to await execution. His sentence was later commuted upon the ground that the offence only amounted to manslaughter.John Law (economist) – John Law, by Casimir Balthazar
19. Wall Street Crash of 1929 – The crash, that had followed the London Stock Exchange's crash of September signaled the beginning of the 10-year Great Depression that affected all Western industrialized countries. "Overall, unregulated business had led to a very volatile market.. . The decade that led to the Crash, was a time of excess. While the American cities prospered, the overproduction of agricultural produce created widespread financial despair among American farmers throughout the decade. This would later be blamed as one of the key factors that led to the 1929 stock market crash. Despite the dangers of speculation, many believed that the stock market would continue to rise forever. Two days later, banker Charles E. Mitchell announced his company the National City Bank would provide $25 million in credit to stop the market's slide. Mitchell's move brought a temporary halt to the financial crisis and call money declined from 20 to 8 percent. The market had been on a nine-year run that saw the Dow Jones Industrial Average increase in value tenfold, peaking at 381.17 on September 3, 1929. Shortly before the crash, economist Irving Fisher famously proclaimed, "Stock prices have reached what looks like a permanently high plateau." The initial September decline was thus called the "Babson Break" in the press. On September 20, the London Stock Exchange crashed when top British investor Clarence Hatry and many of his associates were jailed for fraud and forgery. The London crash greatly weakened the optimism of American investment in markets overseas. In the days leading up to the crash, the market was severely unstable.Wall Street Crash of 1929 – Crowd gathering on Wall Street after the 1929 crash
20. Liliaceae – The lily family, Liliaceae, consists of fifteen genera and about 705 known species of flowering plants within the order Liliales. They are perennial, herbaceous, often bulbous geophytes. Plants in this family have evolved despite genetic similarity. Most species are grown from bulbs, although some have rhizomes. Consequently, many descriptions labelled "Liliaceae" deal with the broader sense of the family. The family evolved approximately 52 million years ago to Early Paleogene eras. The flowers are insect pollinated. Many Liliaceae are ornamental plants, widely grown for their attractive flowers and involved in a major floriculture of cut flowers and dry bulbs. Some species can have adverse health effects in humans and household pets. A number of Liliaceae genera are popular cultivated plants in public spaces. Tulips in particular have had considerable symbolic and decorative value, appear frequently in paintings and the decorative arts. They are also an economically important product. The diversity of characteristics confused taxonomic classification for centuries. The diversity adapted to a more open environment. The Liliaceae family are characterised with simple trichomes and contractile roots.Liliaceae
21. Panic of 1873 – For example, it started two decades of stagnation known as the "Long Depression" that weakened the country's economic leadership. The Panic was known as the "Great Depression" until the events in the early 1930s set a new standard. The Panic of the subsequent depression had several underlying causes, of which economic historians debate the relative importance. The first symptoms of the crisis were financial failures in Vienna, which spread to most of Europe and North America by 1873. The American Civil War was followed by a boom in construction. 33,000 miles of new track were laid across the country between 1873. Much of the craze in investment was driven by government land grants and subsidies to the railroads. At that time, it involved large amounts of money and risk. A large infusion of cash from speculators caused abnormal growth in the industry well as overbuilding of docks, factories and ancillary facilities. At the same time, too much capital was involved in projects offering no early returns. As a result, the United States Congress passed the Coinage Act of 1873, which changed the country's policy. Before the Act, it minted both types of coins. The Act had the immediate effect of depressing silver prices. This hurt Western mining interests, who labeled the Act "The Crime of'73." But the coinage law also reduced the domestic supply, which raised interest rates, thereby hurting farmers and anyone else who normally carried heavy debt loads.Panic of 1873 – A bank run on the Fourth National Bank No. 20 Nassau Street, New York City, from Frank Leslie's Illustrated Newspaper, 4 October 1873
22. Panic of 1893 – The Panic of 1893 was a serious economic depression in the United States that began in 1893 and ended in 1897. It deeply produced political upheaval that led to the 1896 realigning election and the Presidency of William McKinley. One of the causes for the panic of 1893 can be traced back to Argentina. Investment was encouraged by Baring Brothers. However, a coup in Buenos Aires ended further investments. As concern for the state of the economy worsened, people caused bank runs. The crunch rippled through the economy. The Populists were a short-lived political party which appealed politically to wheat farmers in the West and poor cotton farmers in the South. They saw the resulting panic as confirmation that the values of global finance were assailing traditional American values. Historian Hasia Diner notes: Some Populists believed that Jews made up a class of international financiers whose policies had ruined small family farms. Jews, they asserted, promoted the gold standard, the chief sources of their impoverishment. Agrarian radicalism posited the city to American values asserting that Jews were the essence of urban corruption. The Free movement arose, gaining support from farmers and mining interests. People attempted to redeem silver notes for gold. Ultimately, U.S. notes could no longer be successfully redeemed for gold.Panic of 1893 – Drawing of frenzied stockbrokers on May 5, 1893, from Frank Leslie's Illustrated Newspaper
23. Panic of 1837 – The Panic of 1837 was a financial crisis in the United States that touched off a major recession that lasted until the mid-1840s. Profits, wages went down while unemployment went up. Pessimism abounded during the time. The panic had both foreign origins. Despite a brief recovery in 1838, the recession persisted for approximately seven years. Banks collapsed, businesses failed, thousands of workers lost their jobs. Unemployment may have been as high as 25% in some locales. 1837 to 1844 were, generally speaking, years of deflation in wages and prices. The crisis followed a period of economic expansion from mid-1834 to mid-1836. The prices of land, slaves rose sharply in these years. The origins of this boom had many sources, both international. Because of the peculiar factors of international trade at the time, abundant amounts of silver were coming from Mexico and China. Land tariffs on imports were also generating substantial federal revenues. Through the marketing of state-backed bonds in British money markets, the United States acquired significant capital investment from Great Britain. These bonds financed transportation projects in the United States.Panic of 1837 – Whig cartoon showing the effects of unemployment on a family that has Jackson's and Van Buren's portraits on the wall
24. Dutch Golden Age – The first half is characterized by the Eighty Years' War which ended in 1648. The Golden Age continued in peacetime until the end of the century. The division between the Northern and Southern Netherlands was established. The United Provinces fought until the Twelve Years' Truce, which did not end the hostilities. Similar arrangements were made in other places. Protestants were especially well-represented among rich merchants of the port cities of Bruges, Ghent, Antwerp. More moved than Catholics moved in the other direction, although there were also many of these. The Pilgrim Fathers also spent time to the New World. Other factors also contributed to the flowering of trade, industry, the arts and the sciences in the Netherlands during this time. A necessary condition was a supply of cheap energy from peat, easily transported by canal to the cities. The invention of the sawmill enabled the construction of a massive fleet of ships for military defense of the republic's economic interests. In 1602 the Dutch East India Company was founded. It was the multinational corporation, financed by shares that established the first modern stock exchange. This company would keep this for two centuries. It became the world's largest commercial enterprise of the 17th century.Dutch Golden Age – Rembrandt The Night Watch (1642)
25. United States housing bubble – The United States housing bubble was a real estate bubble affecting over half of U.S. states. Housing prices peaked in early 2006, reached new lows in 2012. On December 2008, the Case-Shiller home price index reported its largest price drop in its history. In October 2007, the U.S. Secretary of the Treasury called the bursting bubble "the most significant risk to our economy." Land prices contributed much more to the price increases than did structures. This can be seen in the building index in Fig. 1. An estimate of value for a house can be derived by subtracting the replacement value of the structure, adjusted for depreciation, from the home price. Housing bubbles may occur in global real estate markets. The underlying causes of the bubble are complex. Factors include tax policy, historically low interest rates, tax lending standards, speculative fever. This bubble may be related to the stock market or bubble of the 1990s. This bubble roughly coincides with the real estate bubbles of Hong Kong, Spain, Poland, Hungary and South Korea. In 2001, Alan Greenspan dropped interest rates to a low 1% in order to jump the economy after the ".com" bubble. Other Wall Street firms started borrowing money due to its inexpensiveness. Greenspan warned of "double digit declines" in home values "larger than most people expect."United States housing bubble – Bank run on the U.K.'s Northern Rock Bank by customers queuing to withdraw savings in a panic related to the U.S. subprime crisis.
26. Coast (TV series) – Coast is a BBC documentary series first broadcast on BBC Two television in 2005. A second series started on 26 October 2006, a third in mid-2009. Series covers various subjects relating to both the social history of the British coastline and also more recently, that of Britain's near neighbours. A fifth series was aired followed by a sixth in 2011. A seventh series followed a different format from previous series. Series eight started in 2013 while series nine aired in 2015. The series is a collaboration between Birmingham. In December 2013, the first reversion of Coast Australia, screened on the History Channel in Australia. Hosted by Neil Oliver, Series was the second highest show in the history of the channel. Series started airing from 14 May 2014. Series two was aired in 2015. Series 4 reintroduced the circular element, ending at Hull, though with visits to Ireland, Normandy and Norway included as well. Neil Oliver closed the fifth series with the same statement. Series 4 onwards were simulcast on the BBC HD channel. As the aerial shots from the Coast programmes are made in high-definition, they are also used in this way on BBC HD.Coast (TV series) – Coast
27. United States housing market correction – A real estate bubble is a type of economic bubble that occurs periodically in local, regional, national or global real estate markets. As early as 2003 Shiller questioned whether or not there was, "a bubble in the market" that might in the near future correct. United States housing prices experienced a major correction after the housing bubble that peaked in early 2006. Chief economist Mark Zandi of the firm Moody's Economy.com predicted a crash of double-digit depreciation in some U.S. cities by 2007 -- 2009. The bubble was partly subsidized by government-sponsored entities like Fannie Mae and Freddie Mac and federal policies intended to make housing affordable for all. Fortune magazine labeled many previously strong housing markets as "Dead Zones"; other areas were classified as "Danger Zones" and "Safe Havens". Fortune also dispelled "four myths about the future of home prices". In Boston, year-over-year prices dropped, sales fell, inventory increased, the correction in Massachusetts was called a "hard landing". The previously booming housing markets in Washington, D.C. San Diego, other cities stalled as well. Several home builders revised their forecasts sharply downward during the summer of 2006, e.g. D.R. Home Construction Index was down over 40% as of mid-August 2006. As the market began to soften from winter 2005 through summer 2006, NAR chief economist David Lereah predicted a "soft landing" for the market. It is impossible to rule out a collapse of sentiment and of prices. ... ... If wealth stops rising... the effect on the world's economy could be depressing indeed".United States housing market correction – Incomplete housing development near Houston, Texas.
28. Causes of the United States housing bubble – In July 1978, Section 121 older at the time of sale. In 1981, the Section 121 exclusion was increased from $100,000 to $125,000. The Tax Reform Act of 1986 eliminated the deduction for interest paid on credit cards. As interest remained deductible, this encouraged the use of home equity through refinancing, second mortgages, home equity lines of credit by consumers. This made the only investment which escaped capital gains. Historically, the financial sector was heavily regulated by the Glass–Steagall Act which separated commercial and investment banks. It also set strict limits on Banks' interest loans. Starting in the 1980s, considerable deregulation took place in banking. Banks were deregulated through: The Depository Institutions Deregulation and Monetary Control Act of 1980. The Garn–St. Germain Depository Institutions Act of 1982. The Gramm–Leach–Bliley Act of 1999. This deregulation allowed risky products to exist which contributed to the housing bubble and easy credit. Several authors single out the banking deregulation by the Gramm–Leach–Bliley Act as significant. Nobel Prize-winning economist Paul Krugman has called Senator Phil Gramm "the father of the financial crisis" due to his sponsorship of the act.Causes of the United States housing bubble – Inflation-adjusted housing prices in Japan (1980–2005) compared to home price appreciation the United States, Britain, and Australia (1995–2005).
29. Cornelis Guldewagen – Cornelis Guldewagen, was a Haarlem mayor, known best today for his portrait by Frans Hals. He was admitted to the Haarlem regency in 1625, becoming mayor in 1644. Together they had 11 children. This painting was documented by Hofstede de Groot in 1910, who wrote; "183. Cornells Guldewagen, Burgomaster of Haarlem in 1642. M. 36. Half-length. A man of sixty with moustache and imperial, seated, facing the spectator. He is in black with a white collar and wears a black cap. His right hand is on his breast. His left hand holds the other glove. Probably a small picture, painted between 1655 and 1660. Described by C. van Noorden in the Haarlem archives, which occurred in the sale Ekama of Haarlem, Amsterdam, April 8, 1891. See Moes, Iconographia Batava, No. 2994. Exhibited at the Royal Academy Winter Exhibition, London, 1871.Cornelis Guldewagen – Cornelis Guldewagen
30. 1997 Asian financial crisis – At the time, Thailand had acquired a burden of foreign debt that made the country effectively bankrupt even before the collapse of its currency. Indonesia, South Korea and Thailand were the countries most affected by the crisis. The Philippines were also hurt by the slump. Brunei, China, Singapore, Taiwan and Vietnam were less affected, although all suffered from a loss of demand and confidence throughout the region. In South Korea, the ratios rose from 13% to 21% and then as high as 40%, while the other northern newly industrialized countries fared much better. Only in Thailand and South Korea did debt service-to-exports ratios rise. The efforts to stem a global economic crisis did little to stabilize the domestic situation in Indonesia, however. The effects of the crisis lingered through 1998. In 1998 the Philippines growth dropped to virtually zero. By 1999, however, analysts saw signs that the economies of Asia were beginning to recover. After the 1997 Asian Financial Crisis, economies in the region are working toward financial stability on financial supervision. Until 1999, Asia attracted almost half of the total capital inflow into developing countries. The economies of Southeast Asia in particular maintained high interest rates attractive to foreign investors looking for a high rate of return. As a result, the region's economies received a large inflow of money and experienced a dramatic run-up in asset prices. This achievement was widely acclaimed by financial institutions including IMF and World Bank, was known as part of the "Asian economic miracle".1997 Asian financial crisis – Fall of Suharto: President Suharto resigns, 21 May 1998.
31. Beanie Babies – Beanie Babies are a line of stuffed animals, made by Ty Warner Inc. later renamed as Ty Inc. in November 1991. Each toy is stuffed with plastic pellets rather than conventional stuffing, giving Beanie Babies a flexible feel. In a rare interview Warner said "The whole idea was it looked real because it moved." During the later half of the 1990s the toy emerged as a major fad. They were not in factory production until 1994. First starting locally in Chicago before growing into a national craze. In 1996, Ty Inc. released a new product called Teenie Beanies, a miniature offshoot of the original Beanie Babies line. They were sold alongside McDonalds Happy Meals to celebrate that product's 17th anniversary. Demand led them to reconsider. Production restarted in 2000 with a Beanie Baby named "The Beginning." In early 2008, Ty released a new version of Beanie Babies called Beanie Babies 2.0. The purchase of a Beanie Baby 2.0 provided its owner with a code to access a Beanie Babies interactive website. The website is no longer able to be seen, as it shut down. Beanie Babies began to emerge as popular collectibles in late 1995, became a hot toy. Many people assumed that all "retired" designs would rise in the way that early retirees had.Beanie Babies – Sizzle the Bear, one of many teddy bear varieties of Beanie Babies
32. Black Monday (1987) – In finance, Black Monday refers to Monday, October 19, 1987, when stock markets around the world crashed, shedding a huge value in a very short time. The crash began to Europe hitting the United States after other markets had already declined by a significant margin. The Dow Jones Industrial Average fell exactly 508 points to 1,738.74. In Australia and New Zealand, the 1987 crash is also referred to as "Black Tuesday" because of the time difference. The market advanced significantly, with the Dow peaking in August 1987 at 2,722 points, or 44 % over the previous year's closing of 1,895 points. On Thursday, October 1987, Iran hit the American-owned supertanker, the Sungari, with a Silkworm missile off Kuwait's main Mina Al Ahmadi oil port. Iran hit another ship, the U.S.-flagged MV Sea Isle City, with another Silkworm missile. Then-Treasury Secretary James Baker stated concerns about the falling prices. New Zealand's market was hit falling about 60 % from its 1987 peak, taking several years to recover. The Black Monday decline was -- and currently remains -- the largest one-day decline in the DJIA. This, along with the abrupt demise of the leveraged craze brought a five-year depression late that year. Possible causes for the decline included program trading, overvaluation, market psychology. A popular explanation for the 1987 crash was selling by program traders, most notably as a reaction to the computerized selling required by insurance hedges. However, economist Dean Furbush points out that the biggest price drops occurred when volume was light. In trading, computers perform rapid stock executions based on external inputs, such as the price of related securities.Black Monday (1987) – DJIA (July 19, 1987, to January 19, 1988).
33. Roaring Twenties – The Roaring Twenties is a term for Western society and culture in the 1920s. In France and Quebec, it was known as the "années folles", emphasizing the era's social, cultural dynamism. Jazz music blossomed, the flapper redefined modern womanhood, in the wake of hyper-emotional patriotism after World War I, normalcy returned to politics. In most major countries, women won the right to vote. The social and cultural features known as the Roaring Twenties began in leading metropolitan centers, then spread widely in the aftermath of World War I. The United States gained dominance in finance. By the middle of the decade, prosperity was widespread, with the second half of the decade known, especially in Germany, as the "Golden Twenties". The spirit of the Roaring Twenties was marked by a general feeling of novelty associated with traditions. Everything seemed to be feasible through modern technology. Especially automobiles, moving pictures, radio, proliferated "modernity" to a large part of the population. Decorative frills were shed in favor of practicality in both daily life and architecture. At the same time, dancing rose in popularity, in opposition to the mood of World War I. As such, the period is also often referred to as the Age. The Wall Street Crash of 1929 ended the era, as the Great Depression brought years of worldwide hardship. However, some sectors were stagnant, especially mining.Roaring Twenties – Climax of the new architectural style: the Chrysler Building in New York City was built after the European wave of Art Deco reached the United States.
34. Eighty Years' War – After the initial stages, Philip II deployed his armies and regained control over most of the rebelling provinces. However, under the leadership of the exiled William the Silent, the northern provinces continued their resistance. They were eventually able to oust the Habsburg armies, in 1581 they established the Republic of the Seven United Netherlands. After a 12-year truce, hostilities broke out again around 1619 which can be said to coincide with the Thirty Years' War. An end was reached in 1648 with the Peace of Münster, when the Dutch Republic was recognised as an independent country. In the decades preceding the war, the Dutch had become increasingly discontented with Habsburg rule. This unrest was further amplified by the presence of Spanish troops, under the command of the Duke of Alba, brought in to oversee order. Spain also attempted a policy of strict religious uniformity for the Catholic Church within its domains, enforced it with the Inquisition. The Reformation meanwhile produced a number of Protestant denominations, which gained followers in the Seventeen Provinces. These included the Lutheran movement of Martin Luther, the Anabaptist movement of the Dutch reformer Menno Simons, the Reformed teachings of John Calvin. This growth would lead to the 1566 Beeldenstorm, the "Iconoclastic Fury" which saw many churches in northern Europe stripped of their Catholic statuary and religious decoration. In October 1555, Emperor Charles V of the Holy Roman Empire began the gradual abdication of his several crowns. The balance of power was heavily weighted toward the local and regional governments. Philip did not govern in person but appointed Emmanuel Philibert, Duke of Savoy as governor-general to lead the central government. When Philip left for Spain in 1559 political tension was increased by religious policies.Eighty Years' War – Relief of Leiden after the siege, 1574
35. Carolus Clusius – Charles de l'Écluse, L'Escluse, or Carolus Clusius, seigneur de Watènes, was a Flemish doctor and pioneering botanist, perhaps the most influential of all 16th-century scientific horticulturists. Clusius studied with the famous medical professor Guillaume Rondelet though he never practiced medicine. Clusius laid today. His first publication was a French translation of Rembert Dodoens's herbal, published by van der Loë. His Antidotarium sive de exacta miscendorumque medicamentorum ratione ll. He contributed well to Abraham Ortelius's map of Spain. Clusius translated contemporary works in natural science. Clusius was also among the first to study the flora of Austria, under the auspices of Emperor Maximilian II. He was the first botanist to climb the Schneeberg in Lower Austria, also the first documented ascent of the latter. His illustrated works form an important chapter in sixteenth natural history. The genus Clusia also honours Clusius. Rariorum alioquot stirpium per Hispanias observatarum historia: libris duobus expressas. Antwerp: Christophori Plantinus. Rariorum plantarum historia: quae accesserint, proxima pagina docebit. Antwerp: Ioannem Moretum.Carolus Clusius – The only known painted portrait of Clusius. It was made in 1585 when Clusius was in Vienna. The coat of arms of Clusius is on the left.
36. Bank run – When they transfer funds to another institution it may be characterised as a flight. As a run progresses, it generates its own momentum: as more people withdraw cash, the likelihood of default increases, triggering further withdrawals. This can destabilize the bank to the point where it thus faces sudden bankruptcy. A systemic crisis is one where all or almost all of the banking capital in a country is wiped out. Several techniques have been used to try to mitigate their effects. Bank runs first appeared as part of cycles of its subsequent contraction. In the 16th century onwards, English goldsmiths issuing promissory notes suffered plummeting parts of the country into famine and unrest. Other examples are the Dutch Tulip manias, the British South Sea Bubble, the French Mississippi Company, the Great Depression. Bank runs have also been used to blackmail governments. They threatened a run on the banks under the rallying cry "Stop the Duke, go for gold!". Many of the recessions in the United States were caused by banking panics. In December, New York City experienced massive bank runs that were contained to the many branches of a single bank. Withdrawals became worse after financial conglomerates in Los Angeles failed in prominently-covered scandals. Much of the Depression's economic damage was caused directly by bank runs. Bank runs continued to plague the United States for the several years.Bank run – Depositors clamor to withdraw their savings from a bank in Berlin, 13 July 1931
37. Panic of 1907 – There were numerous runs on banks and trust companies. The 1907 panic eventually spread throughout the nation when businesses entered bankruptcy. The panic was triggered by the failed attempt in October 1907 to corner the market on stock of the United Company. The collapse of the Knickerbocker spread fear throughout the city's trusts as regional banks withdrew reserves from New York City banks. Panic extended across the nation as vast numbers of people withdrew deposits from their regional banks. At the time, the United States did not have a central bank to inject liquidity back into the market. By November, the financial contagion had largely ended, only to be replaced by a further crisis. This was due to the heavy borrowing of a large firm that used the stock of Tennessee Coal, Iron and Railroad Company as collateral. Collapse of TC&I's price was averted by an emergency takeover by Morgan's U.S. Steel Corporation -- a move approved by anti-monopolist president Theodore Roosevelt. Each money flowed out of the city as harvests were purchased and -- in an effort to attract money back -- interest rates were raised. Foreign investors then sent their money to New York to take advantage of the higher rates. From the January 1906 Dow Jones Industrial Average high of 103, the market began a modest correction that would continue throughout the year. From their peak in January, stock prices declined 18% by July 1906. By late September, stocks had recovered about half of their losses. The Hepburn Act, which gave the power to set maximum railroad rates, became law in July 1906.Panic of 1907 – The curb outside the New York Stock Exchange where panic began.
38. Panic of 1857 – The Panic of 1857 was a financial panic in the United States caused by the declining international economy and over-expansion of the domestic economy. Because of the interconnectedness of the economy by the 1850s, the financial crisis that began in late 1857 was the first worldwide economic crisis. Surfacing news of this circumvention set off the Panic in Britain. Beginning in September 1857, the financial downturn did not last long; however, a proper recovery was not seen until the American Civil War. The sinking of the SS Central America contributed to the panic of 1857, as New York banks were awaiting a much-needed shipment of gold. American banks did not recover until after the civil war. By the mid 1850s, the amount of gold mined began to decline, which caused western investors to become wary. Some even refused to accept western bank-issued paper currencies. The Supreme Court ruling in Dred Scott v. Sandford was handed down in March 1857. Soon after the ruling, "the political struggle between slavery in the territories" began. "western railroad securities' prices declined slightly just after the Dred Scott decision in early March." This fluctuation in railroad securities proved "that political news about future territories called the tune in the railroad securities markets." Prior to 1857, the industry was booming due to large migrations of people to the west, especially in Kansas. Many of these companies never never owned physical assets necessary to run one. In the meantime, the aforementioned Dred Scott decision lent uncertainty in general.Panic of 1857 – Bank run on the Seamen's Savings' Bank during the panic of 1857
39. Jonas Bronck – A mural at the Bronx County Courthouse depicting Bronck's arrival was created by James Monroe Hewlett. Different theories account for Bronck's origin. The capital of the Faroe Islands, has a street bearing the name Jónas Broncksgøta. One theory holds that Jonas Jonsson Bronck was born ca. 1600, son of a Lutheran minister, Morten Jespersen Bronck, was raised in Tórshavn. The fact that Jonas Bronck's middle name would in this case be Mortensen, not Jonsson, speaks against this theory. The Faroe family may have originated from the Norwegian district of Elverum. In 1619 the younger Bronck eventually made his way to Holland. Gotham: A History of New York City to 1898, winner of the 1999 Pulitzer Prize for History, parenthetically claims Bronck as a Dane. A 1908 publication portrays Bronck as a Mennonite who fled the Netherlands to Denmark because of religious persecution. In 1981 the Manx-Svenska Publishing Co. released a now out-of-print 19-page pamphlet, The Founder of the Bronx, authored G.V.C. Young O.B.E. after he had conducted research in the Netherlands, Sweden, New York. Young reported that he examined Bronck's document of guarantee from April 30, 1639. Young concludes Jonas Bronck was born circa 1600 in Komstad, Småland, a historic province of Sweden adjacent to the then-Danish province of Skåne. The New York Times cites Sävsjö the seat of Sävsjö Municipality in Sweden, of which Komstad was part.Jonas Bronck – Jónas Broncks gøta, Tórshavn, the Faroe Islands
40. Corporate law – Corporate law is a part of a broader companies law. Other types of business associations can include companies limited by guarantee. Under corporate law, corporations of all sizes have legal personality, with limited or unlimited liability for its shareholders. Shareholders control the company through a board of directors which, in turn, typically delegates control of the corporation's day-to-day operations to a full-time executive. Corporate law deals with firms that are incorporated or registered under the corporate or company law of a sovereign state or their subnational states. Corporate law is often divided into corporate finance. The word "corporation" is generally synonymous with large publicly owned companies in the United States. In United Kingdom, "company" is more frequently used as the legal term for any business incorporated under the Companies Act 2006. Large scale companies will usually have shares listed on a Stock Market. Such a company is created by the administrative process of registration as a general piece of legislation. Here, the office is recognized from the individual who holds it. In the United States, a company may or is often used synonymously with "firm" or "business." A corporation may accurately be called a company; however, a company should not necessarily be called a corporation, which has distinct characteristics. The defining feature of a corporation is its legal independence from the people who create it. Shareholders are not liable for any remaining debts owed to the corporation's creditors.Corporate law – Hogarthian image of the South Sea Bubble, by Edward Matthew Ward, Tate Gallery
41. Mississippi Company – The Mississippi Company of 1684 became the Company of the West in 1717, expanded as the Company of the Indies from 1719. In May 1716, the Banque Générale Privée, which developed the use of money, was set up by John Law. Three quarters of the capital consisted of government bills and government-accepted notes. In August 1717, he bought the Mississippi Company to help the French colony in Louisiana. In the same year Law conceived a joint-stock company called the Compagnie d'Occident. The bank became the Banque Royale in 1718, meaning the notes were guaranteed by Louis XV of France. Wars had nearly bankrupted the French monarchy. Rather than reduce spending, the Regency of Louis XV of France endorsed the monetary theories of Scottish financier John Law. In 1716, Law was given a charter for the Banque Royale under which the national debt was assigned to the bank in return for extraordinary privileges. The key to the Banque Royale agreement was that the national debt would be paid from revenues derived from opening the Mississippi Valley. The Bank was tied to the Companies of the Indies. All were known as the Mississippi Company. The Mississippi Company had a monopoly on trade and wealth. The Company boomed on paper. Law was given Duc d'Arkansas.Mississippi Company – View of the camp of John Law at Biloxi, December 1720