The mania started in 1918, after a the Second Great War and the end of the Stoker-Romero Plague Outbreak, which left Imperia severely in debt. Imperia proposed a deal to a financial institution, the Borean Colonization Company (BCC), where Imperia’s debt would be financed in return for 6% interest. Imperia added another benefit to sweeten the deal: exclusive trading rights on the Borean continent. The Borean Colonization Company quickly agreed, because of the proximity to wealthy trading colonies and partners. The company planned on developing a monopoly on the resource trade in the region. Additionally it was thought that others would eagerly trade their gold and jewels for the wool and fleece clothing of the Imperia.
The Borean Colonization Company (BCC) issued stock to finance operations and gain investors. Investors quickly saw what they perceived as value in the monopoly on the Borean Continent. Shares were quickly snatched up from the start. The Borean Colonization Company (BCC), seeing the success of the first issue of shares, quickly issued even more. This stock was rapidly consumed by the voracious appetite of the investors. Investors had no quibble, despite having a highly inexperienced management team. All they saw was that the stock was going to the stratosphere. Many investors were enamored by the lavish corporate offices that had been set up. This painted an image of success and wealth in the eyes of shareholders. At this point in Imperia’s political revolution, investment capital was plentiful. It became extremely fashionable to own Borean Colonization Company (BCC) shares.
Shares in the company were "sold" to politicians at the current market price; however, rather than paying for the shares, these lucky recipients simply held on to what shares they had been offered, "sold" them back to the company when and as they chose, and received as ‘profit’ the increase in market price. This method, while winning over the heads of government, the King's mistress, etc., also had the advantage of binding their interests to the interests of the Company: in order to secure their own profits, they had to help drive up the stock. Meanwhile, by publicizing the names of their elite stockholders, the Company managed to clothe itself in an aura of legitimacy, which attracted and kept other buyers.
Eventually the management team of Borean Colonization Company (BCC) took a step back and realized that the value of their personal shares in no way reflected the actual value of the company or its dismal earnings. So they sold their stocks in the summer of 1929 and hoped no one would leak the failure of the company to the other shareholders. Like all bad news, however, the knowledge of the actions of Borean Colonization Company (BCC) management spread, and the panic selling of worthless certificates ensued.
A complete crash, which would be heralded by the folding of banks, was avoided due to the prominent economic position of the Imperian Empire and the government's help in stabilizing the banking industry. The Imperian government outlawed the issuing of stock certificates.
One street astrologer of the period was asked about the crash, in response he is quoted as stating, "I can calculate the movement of the stars, but not the madness of men"