Time flies, and Hitler's turning point was in 1929. Pen, fun, and www.biquge.info

On October 24, 1929, the unprecedented world economic crisis first broke out in New York, USA, why is this economic crisis unprecedented, because this is the largest, longest-lasting, and most profound economic crisis encountered by human society.

The immediate cause of this economic crisis, which first broke out in New York, USA, is that now, after a great war and the global flu (Spanish flu) that killed 20 million people, the world has entered a period of temporary peace, and people are beginning to enjoy the joy of the disaster: after several years of adjustment and healing, the world economy has entered a period of prosperity.

In particular, the United States was in a leading position in the world in many economic fields, and had become the most developed and stable country in the world at that time.

The favorable economic environment and optimistic sentiment have created conditions for the great development of the stock market.

At that time, financing was very popular to buy stocks, and people could buy stocks worth $10 for a dollar through "deposit trading", and people first discovered that there were so many opportunities to make money. As a result, a large number of small and medium-sized investors rushed into the stock market. Every day, people eagerly discuss stock trends, and gossip is everywhere.

As stock prices skyrocketed, Wall Street went into a frenzy, and elevator workers, operators and newsboys played stocks with financial giants. Wall Street has even become a place for tourists from afar: every morning, tourists welcome and applaud the agents who come to work.

Yes, if you buy a dollar stock today, it will rise to $10 tomorrow, and if you buy a $1 million villa this year, it will definitely rise to $10 million next year, which is much faster than the money you get from hard work, who doesn't buy it?

At this time, the United States had developed industry and sold goods all over the world, and it could open as many factories as it wanted, and it would make money if it opened, so that the stock market was also soaring, and real estate and land were also in short supply.

The crisis has crept in, and people have not noticed. In the fall of 1926, the Florida real estate bubble, which had been outrageously hyped in a speculative frenzy, was first punctured. However, this did not raise much alarm for Wall Street's madness. Beginning in 1928, the rise in the stock market entered its final madness. In fact, at this time, many industries in the United States had not yet recovered from the post-World War I depression, and the overheating of the stock market was completely out of touch with the real state of the economy.

In March 1929, the Federal Reserve Board of the United States, concerned about the high stock prices, announced that it would tighten interest rates to curb the soaring stock prices.

For example, the managers of the National Commercial Bank of the United States have invested more money in the stock market to avoid a decline in their own interests, and stockbrokers and bankers are still trying to encourage people to join in speculation. Even some prominent scholars have lost their cool. The most typical of these is Irving Fisher of Yale University (one of the pioneers of econometrics and the first mathematical economist in the United States), who not only joined the ranks of speculators himself, but also declared in public speeches: "Stock prices have reached some kind of enduring peak." ”

However, there are also many people who keep a cool head, such as Joseph Kennedy, the father of future US President John F. Kennedy, who was one of the early to get out of the stock market. He said to himself, if even the shoe-shiner was buying stocks, I wouldn't want to stay in it anymore. This wise choice led him to withdraw his funds early, laying the foundation for his family's future. In the summer of 1929, stock prices had risen more than in all previous years, and a collapse was imminent. On September 3, Roger Babson, a Wall Street statistician, said at a Wall Street financial dinner: "Sooner or later, the stock market will crash!" ”

In fact, this gentleman has been repeating this sentence for the past two years, but it is only regarded as a joke by people, but I didn't expect this time it will become a prophecy and leave a name for eternity. The news soon spread throughout the United States, investor confidence began to waver, and the stock market immediately turned downward. The news of the decline in the stock market alarmed President Herbert Hoover, who hastened to address the press: "The United States has a good business base, and production and distribution have not lost their former equilibrium. "Relevant government finance officials have also come forward to support the stock market. But by this time, people's nerves were already extremely fragile, and the stock market began to plummet in a nightmare after a short-lived rally. It was not only the stock indexes that jumped off the building, but the last 10 days of October 1929 concentrated a series of famous days in the history of securities. On October 21, the New York Stock Exchange was sold off in large sums as soon as it opened, with more than 6 million shares sold throughout the day, so that the stock market automatic recorder did not record the last trade until 1 hour and 40 minutes after closing. On October 23, the situation continued to deteriorate, with the New York Times index falling 31 points.

October 24, the day was the beginning of the stock market disaster, the famous "Black Thursday" in history. As soon as the market opened in the morning, the stock price burst like water bursting into the embankment, and people took off their stocks one after another, changing hands of 10,000 shares throughout the day. Although a number of bankers and consortium bosses decided to invest in the market at noon that day, temporarily stabilizing the stock price, this was only a temporary stabilization. On October 25, President Hoover issued a proclamation that "America's basic enterprise, the production and distribution of goods, is based on sound and prosperity."

The President of the United States is trying to spur a new round of investment in this way. However, after a weekend, all efforts to save the stock market were in vain.

October 28 is known as "Black Monday". On the same day, the New York Times index fell 49 points, and the Dow Jones index plummeted 38.33 points, a daily decline of 13%. On October 29, the darkest day arrived. At 10 o'clock in the morning, the New York Stock Exchange had just opened, and the fierce selling orders swept in, everyone was selling regardless of the price, the brokers were surrounded by groups, and the trading floor was in chaos. At the close of the day, the stock market set an all-time high of 16.41 million shares. The New York Times index fell 41 points, while the Dow Jones index fell another 12% from Monday. One trader described the day as "the worst day" in the 112-year history of the New York Stock Exchange. This is the most famous "Black Tuesday" in history.

In this stock market crash, thousands of people committed suicide by jumping off buildings. Owen Fisher, the great economist, lost millions of dollars in a matter of days, went bankrupt in an instant, and went into debt until his death in poverty in 1947.

This unprecedented and unbearable stock market crash lasted from 1929 to 1932 and became the trigger for the Great Depression of the '30s.

The stock market crash caused a crisis in the U.S. stock market, banks, and the entire economic system, forming a vicious circle that spread from the United States to the whole world, causing mankind to experience an unprecedented 50 million unemployment, hundreds of billions of dollars of wealth wasted, bank failures, production stagnation, and the withering of all industries in the Black Great Depression.

The economic crisis that broke out in the United States soon spread to the whole world, and all countries in the world, except the Soviet Union, suffered the worst economic blow in history.

Only the Soviet Union, which did not decrease but increased, grew up in the face of adversity, and since the beginning of the first five-year plan, it has changed from an agricultural country to an industrial country, and has become a world economy, and the industrial output value of many commodities has jumped to the first place in Europe, and the economic growth rate has been the first, surpassing all capitalist countries in the same period, and the whole world is impressed.

In the Soviet Union, the state controlled the economy, coupled with the blockade of the Western economy, but it was a blessing in disguise, not only did not suffer from the great economic crisis, but began to take off economically.

In addition, the Republic of China was also able to develop in this economic crisis, with an economic growth rate second only to the Soviet Union, and a large number of basic industries were established, which continued to develop for ten years, known as the "Golden Decade".

This is because during this period of the Republic of China, the government was harmonious, and Zhang Xueliang in the Northeast announced the change of Chiang's Kai-shek government, the Republic of China was unified from the whole country on the surface, and became the only legitimate government recognized by all countries in the world.

In the great crisis of the world economy, except for the Soviet Union and the Republic of China, all other countries without exception have been hit the hardest, the average unemployment rate has reached 30 percent, the people have no jobs, and the capitalists cannot use their money.

It was an unprecedented economic crisis that affected the history of the next few hundred years. (To be continued.) )