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View Diary: Kitchen Table Kibitzing 11/24/13: Kos Katalogue December Blogathon, a Metamorphosis (56 comments)

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  •  i 4got to mention that market gluts tended 2B (4+ / 0-)

    the circumstances of scuttling ships so investment wasn't itself sunk by poor return on product.   a ship that made port with a cargo worth less than the cost of buying & bringing it there easily represented a major loss, often resulting in loss of ownership of the vessel as well, and the former owners & investors deeply in debt. (debtors' prisons weren't just for folks who didn't pay their grocery bills).    entire extended families could be reduced to poverty by investment lost to market glut.   in eras in which respect for legal agreements was not at an all time high of popular amongst propertied folk unless they stood to benefit, a great deal of underhanded dealings went on among same.   not terribly different from now...  and insurance has always been a tricksy business.  

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