CoinDesk reported:
In the early 1920s, just after a horrific war and decades of reform that ended in cynicism, a wave of speculation occurred around land in Florida. Thousands of disillusioned Americans in the Northeast sought to get rich quick, like the “mushroom millionaires” who had profited in the Great War that killed so many. These speculators used financial instruments and easy money, the equivalent of deregulation, to gamble massively across the economy. The mania became so insane that there was speculation over land lots in the city of Nettie, Florida, a city which later turned out not to exist. Eventually, the bubble popped. First, multiple hurricanes hit the state. The stock market did the rest by crashing in 1929. The result was tears, losses and decades of litigation.