Who it is for
For readers interested in government bonds, hedging, market migration, volatility, permanent income investing, and the relationship between stability and speculative activity.
English reader · Project Gutenberg #59518
Chapter XII. The Shifting of Speculation from the Higher to the Lower Classes of Securities
The Theory of Stock Exchange Speculation. English-only reading by default; switch among English, Chinese, and Spanish, or compare languages side by side.
Chapter summary
Crump explains why speculation migrated from British Consols and other high-grade securities toward more volatile foreign and lower-grade markets. Stable government credit, permanent income investors, and small price movements made the safest securities unattractive to speculators seeking short-term gains.
Modern reader note
The chapter reflects nineteenth-century British government finance and exchange structure. Modern sovereign-bond markets, derivatives, monetary policy, and portfolio hedging provide instruments and dynamics that differ substantially from Consol-era practice.
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