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"TIL Lloyd's Bank and National City Bank of New York had lend money to the Tamil Chettiars from South India who reloaned into rice farmers in Burma and rubber farmers in Malaya at higher yields. But when the call loan crisis happened in 1929, the subprime mortgages of the Burmese and Malaya defaulted, collateral confiscated by the Chettiars, commodity prices of rice and rubber fell as the aggregate global demand fell" — Aug 17, 2026 08:30PM
"TIL Lloyd's Bank and National City Bank of New York had lend money to the Tamil Chettiars from South India who reloaned into rice farmers in Burma and rubber farmers in Malaya at higher yields. But when the call loan crisis happened in 1929, the subprime mortgages of the Burmese and Malaya defaulted, collateral confiscated by the Chettiars, commodity prices of rice and rubber fell as the aggregate global demand fell" — Aug 17, 2026 08:30PM
“It is the classic fallacy of our time that a moron run through a university and decorated with a Ph.D. will thereby cease to be a moron.”
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