From 1637 to 2017: Tulipmania

Flora the Goddess of Tulips and all flowers carried by delirious admirers in an Amsterdam print of the period. At the peak of tulip mania, in March 1637, some single tulip bulbs sold for more than 10 times the annual income of the average skilled craftsman, before prices crashed.

The chart below summarises modern day delirium: it shows the gap between earnings (our real recessionary world) and the market (the world of tulips) developing since March 2014 (N.B. even the earnings are GAAP “over-inflated” earnings).