Topic: De Beers

Richard Grove explains the history of Cecil Rhodes and the creation of the De Beers diamond cartel in South Africa. He describes how diamonds, which lack intrinsic scarcity, were marketed as symbols of love through a massive psychological campaign funded by the Rothschild family. The discussion covers Rhodes' last will and testament, which aimed to create a secret society to bring the United States back into the British Empire.

Cecil Rhodes and Nathan Rothschild founded De Beers in 1888, eventually establishing a 90% global monopoly on the diamond market. By controlling the supply of diamonds mined primarily in Botswana, the company artificially inflates prices and created the cultural tradition of diamond engagement rings through 1940s marketing. Because diamonds account for 62% of Botswana's exports, the Rothschild-owned company exerts significant leverage over the nation's government and economy.