Hat Mania

Hat Mania was a period in the early 1630s of Bataf history in which the whole continent was obsessed with the new eccentrics hats introduced in the 1620s by dwarven courts. This obsession would eventually lead to a minor economic crash. 
In the early 1620s the renowned dwarven smith Gabli Newthir designed a new style of ridiculously large but beautifully designed hats which, due to their size, were cumbersome to wear. This mad the hats weirdly popular among the elite dwarves of Othlest Inod, were Gabli Newthir resided. Therefore the demand for the hats increased greatly while the supply remained low, which in turn caused minor speculation by buying and reselling the hats throughout Othlest Inod. Nothing which could not be managed or cause greater harm until news spread outside of the fortress to the greater extend of the Oroborian Empire. While Gabli Newthir made more hats the news had spread to far and the demand increased even more. Imitation hats started to be manufactured in the Oroborian Empire in hopes to sell them for a great price. This caused such a mess in the Oroborian Empire that the Dragon-Monarch sought the land for the best economist in hopes to understand the increased inflation rates and to combat them. This led to the hiring of the dragonborn economist Yanis. 
The 'hype' around the hats however could not be contained as news would spread further throughout the rest of the continent of these famous hats. Even the most furthest away of reaches sought to acquire the hats and speculation would increase. The people of Bataf even started to buy hats from Gabli Newthir that had not been completed yet. In turn they sold the ownerships of these unfinished hats to other people for a higher price. Eventually the 'hat economy', as some scholars called it, collapsed with the passing away of Gabli Newthir in the late 1630s. Hats known to be designed by him increased in price, while the obligations on unfinished hats plummeted causing wide spread bankruptcy among many speculators. These series of events would also earn Othlest Inod the nickname of 'Hat Fortress'.
Category:Alex
Category:History
Category:Economy