North Sea Trade Bubble

Financial Event

The House of Valletinia’s scheme to pay of the republic’s debt backfired on the Republic and created the worst financial crisis in history.

The Republic had spent lavishly in the 4th century of the 2nd millennium. Paying for the many splendid public works in the cities, paying off the Dead Sea Collective to protect its trading fleet, and paying the various city states in the Crimson Collective to kill each other had taken its toll on public finances.   The Election of 2408 saw the head of House Valentinia elected Doge of the republic. He created a company which would buy up the public debt, with security vested in future trade with undiscovered lands to the north. Discoveries of remote islands in the north east had convinced the public that a new continent was sure to exist there, and that its discovery would bring great wealth to the Republic. Stock in the North Sea Company rose in value exponentially. By 2411 the total value of the company was estimated at twice the GDP of the Republic. Everyone from paupers in the streets to senators of the republic had invested heavily in the company. Some clever fellows had sold early and come away with great profit, but many kept waiting and buying stock even as the price of investing even modestly in the company went past a year’s wage for a skilled artisan.   It all came crashing down in the summer of 2411. Ships of the Florrana Family returned from the North East having discovered no lands or valuable resources on their three-year cruise in the region. The North Sea Company value collapsed overnight. Stock worth tens of thousands of gold coins became worthless in hours.   The economy of the Republic did not recover for a decade. The Vallentinia family fled the republic fearing prosecution and angry crowds. The Financial institutions of the Republic underwent significant reform, and this lay the foundation for the later prosperity enjoyed by Apex in the next century. House Florrana became one of the most prominent families of the republic