In 1636-1637, intermediaries first appeared in the tulip trade in the Netherlands. They transformed the market for physical products into a financial market. They profited at the expense of producers and consumers, leading to the first financial crisis, the Tulip Crisis.

Since then, this technique has been used across the spectrum of financial markets, resulting in "bubbles".

The historical experience so far has shown that powerful speculative and banking interests, reinforced by globalization and having weakened national governments, succeed in imposing and securing their own interests at the expense of vulnerable social classes.

It is certain that financial markets are a "public good", necessary for securing the financing of the economy and social needs. However, they must operate based on the benefit of the economy and society as a whole, and not be left in the hands of speculators to enrich and impoverish societies. The reform of a new regulatory framework can restore them to a rational mode of operation.