Tulip Mania
T is for Tulip Mania. Originally cultivated in the Ottoman Empire, tulips were imported into Holland in the sixteenth century. As the Dutch Golden Age grew, so did this colorful flower. Tulips became popular in paintings and festivals. In the mid-seventeenth century, tulips were so popular that they created the first economic bubble, known as "Tulip Mania". Everyone began to deal in bulbs, essentially speculating on the tulip market, which was believed to have no limits. The true bulb buyers began to fill up inventories for the growing season, depleting the supply further and increasing scarcity and demand. Soon, prices were rising so fast and high that people were trading their land, life savings, and anything else they could liquidate to get more tulip bulbs. Somehow, the tulips enjoyed a twenty-fold increase in value - in one month! Needless to say, the prices were not an accurate reflection of the value of a tulip bulb. As it happens in many speculative b...