Union blockade European shipping Confederate ports cotton

The Union blockade drove ordinary ships from Confederate ports

European ships stopped calling at Confederate ports because they could not get insurance and were too slow to evade the Union blockade. Fast blockade runners still smuggled supplies, but the South exported less than 10% of its cotton.

The Incas may have recorded stories in knots

Quipus are bundles of knotted cords known to have stored numbers and government records. But some evidence suggests that certain quipus also recorded history or stories. Because we can no longer fully read them, some Inca writing may still be hidden in their strings and knots.

Wall Street could insure the same mortgage risk many times over

Before the 2008 financial crisis, investors could buy credit default swaps that paid out if certain mortgage-linked securities failed. Multiple investors could take positions on the same underlying debt, multiplying the financial exposure without creating new mortgages. When losses mounted, AIG faced enormous obligations and required a US government rescue. The risk had spread far beyond the original loans.

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Union blockade European shipping Confederate ports cotton

The Union blockade drove ordinary ships from Confederate ports

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