The Biggest Stock Bubble You’ve Never Heard Of: The Souk Al-Manakh Meltdown

What was the biggest bubble in the world? 2008’s housing crisis? The Dot Com crash? Tulip Mania? Not even close. The Souk al-Manakh was Kuwait’s unofficial over-the-counter stock market, headquartered in an air-conditioned parking garage. But, as you’ll soon learn, miraculously managed to grow to the 3rd largest equity market on earth (only trailing America and Japan) with stock prices that commonly doubled on an hourly basis - only to come crashing done in the most unbelievable way.
It’s a tale of greed, deception, cultural quirks, billions, and perhaps most importantly: lessons you can take away as an investor.
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(Special thanks to our narrator, Toby Ricketts!)
#Kuwait #SoukAlManakh #History

[@BusinessCasual]

⚠ 📣 *MAJOR ANNOUNCEMENT:* Business Casual is suing KZbin. We have just published a feature-length documentary about our case. It is being censored. If you are a fellow creator, you need to watch this. ➡ kzbin.info/www/bejne/anrEgJiMnL9grcU

[@TheScarbro970]

Major announcement.... there are better channels than this. Better go try to get them shut down by filing fake copyright strikes. 3 should do it.

[@blisshimself1]

Speculating on the stocks of non existent companies, with money you don't have. What could go wrong?

[@drewberry8945]

I wonder who gets more mad the person investing Millions of non-Existent money in a non-existent company or the person owning a non-existent company finding out their was never any money.

[@jdharddrive101]

You tell me

[@menaseven9093]

lol

[@MrFuggleGuggle]

Almost like WeWork, except it was speculation of value made with REAL money on an overvalued product (office space real estate).

[@lenny108]

Catherine Austin Fitts was Federal Housing Commissioner at the US Department of Housing and Urban Development in the administration of President George H. W. Bush. She says (summarized): There is no financial crash, the money goes elsewhere and is used elsewhere. In this way, the establishment has meanwhile stolen $50 trillion plus, and they want to keep it. They do that again and again.

[@TheSecondVersion]

"He who plans to become rich in a day, will be hanged in a year." -Leonardo da Vinci

[@Realizinq]

hung*

[@Aj-tu4gv]

@@Realizinq idk he might be right.

[@cheesemccheese5780]

@@Realizinq Hung is the past tense of hang.

[@masharialghuroba811]

In Arabic the words "Al-Manakh" and "climate" are Heteronyms and have identical spellings. Which is fitting as the marked changed as rapidly as a storm would. Great video btw. Greetings from Kuwait

[@kratokat3431]

Man I miss Kuwait so much. Born and raised till 10th grade and had to come to India due to financial difficulties :(

[@waltdisney3937]

@@kratokat3431 i m an indian and i suggest you to go in a developed country

[@masharialghuroba811]

@@kratokat3431 You will always be welcomed back. Hopefully one day you will be able to return. Also, I have visited India, it is a lot of fun with the kindest people and amazing food. So I hope you are enjoying it their.

[@alibuolayyan9038]

Meshari AlGhuroba المناخ اسم لمكان اناخة الجمال والاباعر لقوافل تجار البدو قديما وليس المقصود بالطقس

[@masharialghuroba811]

@@alibuolayyan9038 صح كلامك انا بس ذكرت ان كلمة المَناخ و المُناخ لهم نفس التهجئه مع اختلاف المعنى و السخريه بالموضوع ان السوق كان يتغير (يرتفع و يهبط) مثل تغيير الجو شكرا للتعليق، لن اذا في احد ما فهم قصدي اكيد في غيرك بعد أساؤوا فهمي

[@fasiuddiin]

I can say very hard work is done behind this video.

[@BusinessCasual]

Thank you!

[@followthegrow108]

No not really

[@followthegrow108]

@@BusinessCasual lol acting like making this video was soooo hard. Go polish each others knobs somewhere else.

[@slayyou]

@@followthegrow108 from a video production standpoint this video was well executed and was done by a competent individual.

[@Willis476]

@@slayyou some people are born haters!:)

[@FinancialShinanigan]

This video has more information than the topic's Wikipedia page!

[@Dave_Sisson]

There are a lot of poor quality KZbin channels that only use Wikipedia as a source without doing proper research. It's good that Business Casual is not one of those.

[@mcseedat]

Comprehensive indeed

[@ankitagarwal9343]

Hahahahahahahahahahahshahahahahahahahahahahahahahhaahhahahahahahhahahaha Nice one.

[@saturn724]

Kuwait still suffers from monopoly and unfair business competition, the country is pretty much owned by 4-5 rich families which infest the parliament and just about any business. For example, if you're not a member of an elite family, there's no way you can be a local distributor to a foreign company. Kuwait is generally ranked as one of the least business friendly countries in the world. Also, job vacancies at oil companies and other high paying sectors are monopolized. And real estate is a complete joke, to get a decent house expect a price tag of $800k or more, most people can't afford that and instead wait in line for *decades* to get a government-subsidized house that would cost $300k-$400k. The standard of living for the average citizen is not bad in terms of healthcare, education, and gas prices, among other things, but career options and housing are stupidly limited.

[@Viper4ever05]

are you from Kuwait?

[@thunder881]

90% of all countries are run by Oligarchs/Elite/Fake Royal Families unfortunately. That's capitalism.

[@ssa6227]

@@thunder881 That's not capitalism it is the twisted version of capitalism.

[@y.alshamalii]

Thats not true, anyone can be a local distributor. In fact, since 2013 a foreign company can now have multiple distributors in kuwait.

[@beepboopbeepp]

Syed Shah Nawaz Ali whenever there is a fall the poor and middle are the ones losing the most, while the already rich have everything to gain, look at Bezos and elon musk their wealth has skyrocketed, while thousands are on risk of being thrown out of their homes and jobs are scarce. This is capitalism, the further it goes the more wealth stacks up on one side of the table.

[@charleyluckey2232]

This is an amazing video; the key is to work smart. I make so many weekly profits trading and investing in the financial markets with a professional trader, Larry Kent Nick. His ability is unique; I have done a lot of stock from January to date. Your guidelines help a lot.

[@riggsmartins4033]

Your technical analyzes are welcome. their interpretation/projections of the market are very accurate. Mr. Larry kent nick is one of the best traders I know to follow for advice and daily signals and you won't regret it

[@charleyluckey2232]

@Arthur Hervinsson Larry Kent Nick Trading

[@fosterwhales1027]

There's nothing wrong with making $7,500 with him last week. After reviewing the outlook for the cryptocurrency market and seeing great results on my investments with Larry, I adjusted my portfolio accordingly for larger investments.

[@mohammadbuhamad4918]

Great job explaining. I’m from kuwait and I never new it was this big of a catastrophe

[@xaharidealogy598]

This is a very good short documentary. How come I never heard about this Souk Al Manakh before? Thank you for this good content.

[@BusinessCasual]

Thanks, Xahar! 😎

[@iamhuman9822]

Great informative video. I thought Tulip Mania is the biggest thing, but this just blows that away. It's really great that we'll learn more from YT channels like this. Keep up ur good work.

[@ultimatestoryteller]

Whenever I hear the word "bubble" , the first thing that comes to my mind is always Tulip 🌷

[@mcseedat]

I picture a kid blowing foam bubbles

[@ankitagarwal9343]

Lagta hai purvaj bahut lute gaye the.

[@Nathan-cc4gy]

I really love your editing it was basically just picture slide but the people are moving against the background. I really loved to see how this kind of video was done. Besides the content and education was super educational salute to your hard work sir!

[@RossCampoli]

Shiller put it best when he titled bubbles “Irrational Exuberance.” People try as hard as they can to invest without emotion, and it’s way harder than it sounds.

[@jen_nice2059]

Ross Campoli - Leadership & Business Videos that was Alan Greenspan

[@RossCampoli]

Alair Scott you’re right! Thank you for informing me, Alair! I had no idea Greenspan coined the term

[@simerpreet6703]

Best book yet on human irrationality..

[@PeopleHealthTru]

The dot-com crash, lasted from March 11, 2000, to October 9, 2002

[@PeopleHealthTru]

Irrational Exuberance is a March 15, 2000 book written by American economist Robert J. Shiller, a Yale University professor and 2013 Nobel Prize winner.

[@stanphilip3366]

Thank you @BusinessCasual I was born and raised in Kuwait but never ever educated about the KSE..I used to wonder about how the Kuwaiti Dinar has the highest exchange rate since years and if the Kuwait Stock Exchange hit a low. Now I know. Thank you very much! Lesson learnt!

[@btw-hl9id]

This video came just in time for what many people think is another big stock market bubble. Great video and transition to the ad in the end.

[@Je.rone_]

*bubbles will exist as long as humans do💪😂*

[@Je.rone_]

@@NRM667MDR capitalism is an easy scapegoat for human nature

[@dopemusic6414]

R Prod You weren't there so how do you know?

[@Dragonor999]

You guys should do one on the Lehman Brothers, one of the biggest investment banking companies that went bankrupt

[@patu2175]

But doesn't it exist anymore? I think it does...

[@gust5680]

Great documentary! A lot of people died from heart attack after that bubble burst.

[@nsms1297]

Business Casual make a video on Saudi Aramco the world's largest company trying to make record on IPO.

[@purpleldv966]

Is that an order? You beduins think that if you have tons of money, it can compensate for anything! But you lack the manners, knowledge, history, organization of society and modern values of freedom, democracy, and respecting other's liberties! These things you canot buy!

[@aqibamir7716]

@@purpleldv966 kindly enlighten us on your history

[@brainywindow2816]

@@purpleldv966 wowow. Chill out buddy.

[@royalpillows7716]

purple ldv You realize that not every Khaleeji arab is a Bedouin right? It’s like saying that every American is native or vice versa. While you are here trying to educate others how about you educate you’re self.

[@purpleldv966]

​@@brainywindow2816 Sorry, but no! 911, al qaeda, isis, boko haram, PLO, hamas, hesbolah... all happened because we relaxed too much! And my problem is that they are invading Europe now!

[@yoppindia]

Now you know why Saddam invaded Kuwait, he lost money in Souk Al-Manakh, where do you find a good Camel when you need one.

[@fasiuddiin]

yasss

[@G3r4pro]

Most underrated comment right here^

[@evonneokafor]

It makes sense now....

[@pablopina8924]

They should had invested in Camels.

[@jpp2377]

Is it he lost money or he saw they were a wounded sitting duck unable to defend themselves?

[@nasserbnayyan9620]

Finally something about my country. thank you, great video

[@nshimiyimanamuhamadi4126]

Very Nice Video and I enjoyed as well your background sound . its make the whole video Magic !!

[@NextGenGames00]

Good to know..& amazing old pics related to the subject, wonder how long it took to collect it all.

[@RCh.1]

Very informative 🌟 thank you for sharing

[@watchboy987]

Bubbles are almost inevitable, we can’t help ourselves.

[@sympathiser_of_Germans_in_40s]

Its essential. Corrections put people and companies back in their place

[@Themain1ofall]

Not too many people talk about this in Kuwait, but in the Diwaniya ( traditional gathering place) i got to is where I first heard about it, but thanks for the video ! will definity share it with friends here in Kuwait

[@GarmanH]

Based on past experiences, I consider new and growing companies a gold mine but venturing into a complex section of the market such as that requires expertise. Being able to precisely recognize growth patterns among a pile of randomly moving data

[@Josep61]

I actually agree with you there......the perfect stock at minimum worth can bear potential profitability, no doubt. But it would have to be picked out a bunch of no good asset stacks.

[@GarmanH]

Joseph P. Tilman Definitely I wouldn’t say over the years I was able to decipher the patterns but I had help from groups of pro traders

[@monroesteinj.721]

Courtney Garman what level of profit do you think these stocks can bring if selected properly?

[@Josep61]

I totally agree Courtney. I also believe the game is kinda rigged to give the investing banks at the top of an edge over the stock market with accurate predictions

[@GarmanH]

Barton Clifton They soar higher than expected during their eventual run, reaching profits margins of over 1000% in some case. Generally, those well selected stocks are a time bomb

[@ibrahimalrukhais2692]

Great informative documentary of this well known financial crisis in Kuwaiti history. Unfortunately our Kuwaiti local media couldn’t represent it as “Business Casual” professionally. Very good content and images used. Thank you for the efforts.

[@xyckriz]

Thank you for the quality content!

[@marwapranata5698]

4:07 I'm always in awe with how you set traps like this

[@cancelled_user]

Who is that cartoon character?

[@phantomroblox5724]

THIS WAS IN THE NETHERLANDS VIDEO TOO🤣🤣

[@Pwn3dbyth3n00b]

Was that value even real in the first place if the cash/money never existed.

[@vincentconti3633]

No!

[@ypusefbenali4694]

OhMyGulay it was real money we small investors paid real money and we lost every thing . the public did pay real money and we lost it in that crash . this doc. is not correct.

[@maryamm8379]

It existed it was a mix between the two and people got rich by choosing winning stock and did pay their checks until it got out of hands

[@RadBunny2269]

That, I did not know. Gotta love this channel.

[@AK-kr3uy]

'Kuwait's production output in the sixties began exponentially accelerate'.. yet the graphic is not exponential

[@shangkhabrahma7532]

It was not even two fold😂😂

[@zohaibhamdule]

i think it was growth rate graph so the total increase is exponential...

[@DJAUDIO1]

Wow. This is amazing. Instantly hit like and subscribed.

[@BusinessCasual]

Thank you, DJ! ❤️ We work hard!

[@DJAUDIO1]

@@BusinessCasual: TRULY APPRECIATED!!

[@tawandamachona4481]

I had no idea about this, great stuff!

[@adaleteypaul9922]

As speculations have grown big about the new Saudi Aramco IPO, I would like business casual to do a video forecast about this IPO in the face climate change

[@fahadalawam]

great video, where did you find high quality images of this subject?

[@QuintinGellar]

Most probably KOC archives

[@Wahyu-sz3sh]

From de sukkk al manakkhhhh

[@ypusefbenali4694]

@The Arabic dude what compensation they do not have enough money to feed their Iraqi people.??????????

[@andresLK]

I just want to testify about Expert Adams, he is an account manager with a difference, I have been trading with him for two months plus now and he has turned my life , he saved me and my family with the profits I got from his trading skills.

[@andresLK]

Michael Adams Jay is a guru. He is available on WhatsAp p

[@menaseven9093]

Wonderful video about the Souk al Manakh stock market financial crash. I didn't know about the Soukh Al Manakh. The post dated check of the Soul Al Manakh remind me of the Ninja subprime loan of the 2008 USA housing crash that didn't checkincome, job and credit.

[@tzwacdastag8223]

Watching This Video From Kuwait

[@nsms1297]

I caught you again. Before I saw your comment on andrew Carnegie and George Westinghouse

[@tzwacdastag8223]

@@nsms1297 HA HA

[@dazone]

I am impressed about how you can correctly pronounce "Al-Manakh"!! Not sure if the original word was "Al-Manakh" or "Al-Monakh" but it means Weather.

[@faiha41]

Monakh/weather Manakh/where the camels stay.

[@elm4nsuri]

the Dubai crash too had interesting events. worth considering.

[@educatedprincess7107]

When did Dubai crash ???

[@royalpillows7716]

Hmm..I think you mean the 2008 financial crisis as I don’t call any other moment where Dubai had a crash on its economy..

[@cosmictraveller]

So good video!!!

[@ArunKumar-vu8ct]

Please make this a series :)

[@user-xr8ld5zw3q]

You’re great Chanel please continue 👍🏼🇸🇦

[@patrickmunyoki2971]

A fantastic video. World class voice articulation. Make a video on the booming Tesla stock and saudi aramco

[@InvestingEducation]

Good video, never heard abt this bubble

[@robertmok7996]

0:26 saying the Amsterdam Grand Canal and showing the Canals in Venice in the background. Good job!

[@nawafaleid196]

Love from Kuwait ❤

[@kwameajenia6669]

Good history, i really like this Channel

[@MusiciansIgnite]

I watch this channel for the ad transitions at the end 😹 Classic.

[@NinaRossBusiness]

The title of this video is spot on! Great video👍👍

[@AlphaDavid66]

Liked and subbed. Awesome video.

[@hyperi0n001]

remember the TSLA bubble of 2020?

[@TheGamingAlong]

This didn't age well.

[@trin3426]

lol

[@desireisfundamental]

Well still is till today.

[@khalidrashid85]

Healthy bubble ? Lol

[@patu2175]

Made a healthy profit out of it. Better get out before the stock becomes a slaughterhouse of Robinhooders.

[@BEFREELIFE]

good video as usual.

[@moe4642]

Im a kuwaiti and the last time i went to souk almanakh i though it was an abandoned building, its located in souk almubarakya. I never knew this took place in the 80's kinda weird no one told me about it

[@patw.6567]

thanks business casual.

[@cairill]

4:07 curious...

[@vaiyaktikasolarbeam1906]

ah thx there is someone on far right middle

[@maamoonkhan]

Hi. Am a big fan of your channel. But what wonders me is how you create this presentation. Like the images and the writing pops up in different way. And the slight moving of slides. I need to know ho you match your words to the pictures like whats the way to make this happen?

[@senthilkumarn4u]

Good info.. Thanks..

[@ashainp]

Amazing content

[@BusinessCasual]

Thank you!

[@marwanm8942]

I lived in Kuwait before and do remembered when this crash happened.

[@tchitchouan]

how do you pronounce that akh sound in al-manakh ?

[@abddu1]

Liked how you worked hard (and obviously struggled) on pronouncing that in a very correct way :D great channel overall for casual listening (fits the name)

[@adiabd1]

I like how you pronounce the name of the market. Not many english speakers can spell the letter خ

[@timtams_6]

Spell or pronounce?

[@adiabd1]

@@timtams_6 my bad

[@onearyf1641]

@@HarshJain-it2bg it is Semitic language same root with Hebrew.

[@pendekarlaut3129]

@@HarshJain-it2bg shut up!!!

[@luffebassen]

I remember when we had Q8 gas stations in Denmark 😁

[@sophrapsune]

A truly epic story!

[@freetube5304]

Props to your Pronunciation of Souk Al Manakh.

[@waxanimacagahaygiibaa2814]

Like the title says i never heard of this. Thanks...

[@attalan8732]

Stock markets work brilliantly when cool heads prevail. Generally they do, but when you get the idiocy of 'too big to fail', cool heads go away. "Too big it has to fail." That's better.

[@swulabs]

Ive been to kuwait and my goodness it seems like everyone is rich there! And i was so surprised and amazed that there money has fractions!

[@georgetiganila6667]

Love the bg music, could you give us the name?

[@Arnitikos]

Kuwaiti here, I once heard a story about how obscenely rich Al-Manakh investors are to a level that alot of them were buying Rolls Royces as gifts for their friends and family as if they were nothing but simple birthday gifts, considering how Rolls Royce is very popular here, and still is. Another note is that to this day, 40 years later, almost all the investors who suffered from the crash are extremely poor and sunk in unimaginable levels of debt, the same guys who spent millions on partying and buying loads of Rolls Royces are now living by the penny, I can’t imagine the pain. Some are still alive, and paying the unending debt.

[@sommi888]

🧡💛💚💙 Great research & insight. Very hard work went into making this video. Lots of research. And no dildos were harmed in the filming of this. 🧡💛💚💙

[@tricepruitt7265]

I love your videos

[@alarabi98]

Great video! I can see you've done your research here.

[@emilyb7867]

When I hear bubble I always think about the 2008 crisis.

[@williamhadi1437]

This channel has great info Sorry for my broken english

[@kpopfaninamerica]

I love those T-shirt designs!

[@Mohammad.Alanjari]

Very nice report, I would like to add a point that too many wealthy investors with networth exceeded USD 100mm bankrupted within few days. Souq Almanakh was worse than casinos

[@hooho76]

yeah I remember my father used to tell me about that my grandfather nearly died hearing the news of the crash luckily I wasn’t born in that time to see that

[@dougalexander5264]

Michael Douglas' father Kirk Douglas is 103 years old. He was born in 1916. That means he was alive for World War 1, World War 2, & Vietnam.

[@auzzgamesoi9947]

And Korea.

[@kuwait85]

Good stuff

[@dixitudit1]

Would love to see a video on advisory firms like - BCG and/or McKinsey & Co

[@JohnFuckingDoe]

Just out of curiosity, how do one set up a shell company?

[@cancelled_user]

@Business Casual Please, make videos about Experian and Equifax. Also Quorn foods might be interesting.

[@ShubhamMishrabro]

Make video on aol-Warner merger bubble burst

[@philipschloesser]

‘Amsterdam's Grand Canal’ - shows picture of Venice

[@MarkWTK]

the pronunciations are spot on! how many times did you practiced it? 😅

[@BusinessCasual]

Thank you! :D

[@joshnic6639]

Q 8 = Kuwait ? 🤷‍♂️ ok 🙃

[@DBZisThebest]

@@BusinessCasual actually the Souk is pronounced very wrong by you. Sorry. There is no phlegm in Souk. But good on you for trying.

[@sam5605]

i think kuwait is pronunce as koo wa it

[@MyRashid123]

I'm from Kuwait, born in 1990, same invasion month. I haven't heard about this crisis in Kuwait before. I'm glad I got to be educated about it!

[@eajazmohammed]

Peace be upon you, I advise you to trade with Mrs Linda she will assist you make huge profits in trading.

[@eajazmohammed]

+1=2=0=9=5=1=0=5=7=5=1

[@eajazmohammed]

Text her on whatsapp

[@edlcdmc]

What is the name of the song used in this video?

[@GrillWasabi]

How annoying is Soooook Alk-manahckkkkk!

[@mauroperzolla4150]

Man you just showed a photo of Venice Canal Grande instead of a picture of Amsterdam 😂😂

[@muralikmd]

Offering gift for random viewers. Good 👌👍

[@rodrigomoura171]

So basically just one more case where a government creates the perfect environment for chaos

[@Ben-fx9kx]

How is it the government's fault that investors engaged in reckless speculation on their own?

[@prashanthraghavendran2628]

@@Ben-fx9kx By not immediately declaring that the government wouldn't be stepping in to bail out in case the stock crashed. That would have nipped mass speculation in the bud.

[@josefk5659]

The good old days. Take me back Kuwait!

[@CarthagoMike]

Investment bubbles will always be there. The key is to invest and then cash in at the right moment.

[@beepboopbeepp]

This seems very similair to the market right now, everyone trusting the FED to bail them out, next crash could be the one where they don't due to the massive amount of debt.

[@aniru_dh21]

Can you make a video on Saudi Aramco

[@theinvestmentabc6245]

We are entering the greed phase in the stock markets and will see a similar crash in all major markets at some point