Also this paper (by Doug French, who was the head of the Mises Institute) argues that Tulipmania was basically due to the oversupply in silver currency in Holland, partially because of pirates bringing home Spanish booty. The new money had to go somewhere… so why not 🌷? pic.twitter.com/kVzm1hzsqt
— Ethan Mollick (@emollick) April 14, 2021
Maybe I just take such things for granted, but speculation requires excess currency as a matter of course. How else would it occur?