Turtledove
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The Stock Market Crash of 1929 was an economic disaster that caused depressions in every country in the world except China and the African colonies. It was caused by the stock market "bubble" that had grown during the 1920s, which finally burst.[1]

The crash was arguably triggered by Russia's inability to repay a loan to Austria-Hungary in February 1929.[2] In short order, various global stock exchanges grew softer as investors grew increasingly nervous.[3] Soon, people who owned stock started to sell in something of a panic in Paris, Vienna, and Rome throughout February and into March. [4] Initially, the exchanges in New York, Berlin, and Richmond seemed to be holding, but as the year passed, the situation continued to deteriorate. France left the gold standard, the London exchange plunged, and finally a sellout began in Richmond.[5] New York began sinking shortly after. Bank runs began in both countries. Finally, in June, 1929, on a day that came to be called "Swan-Dive Wednesday", the New York market simply crashed.[6] Banks soon failed as there was no money to pay back to their customers.[7] A global economic depression set in.

References[]

  1. The Center Cannot Hold, pg. See, e.g., 162-168, 212, pb.
  2. Ibid., pg. 226.
  3. Ibid., pg. 226.
  4. Ibid.
  5. Ibid., pg. 228-229.
  6. Ibid., pg. 235.
  7. Ibid., e.g., pg. 275.
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