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The 1929 Stock Market Crash - Black Tuesday - Extra History (Patreon)

Published:
2020-04-24 17:30:00
Imported:
2026-06
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Content

Times are hard and getting harder all the time, but sometimes it can be good to remember that we've been here before, and we got through it.

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The 1929 Stock Market Crash - Black Tuesday - Extra History

Want to choose what subject we cover next? Join us on Patreon and vote on topics for EH! http://bit.ly/EHPatreon With our current economic climate being... dubious, we thought that it would be a good time to look at another economic disaster in American history. Just six months before Herbert Hoover gave a speech highlighting the economic success The 1929 Stock Market Crash which is closely tied to the Great Depression and felt like it came out of nowhere. But that might be a bit of a misconception. We explore what kicked off the drop, what people did to try and stop/slow it down, and why stock markets and the Economy are NOT the same thing. Check out all our shows at http://extracredits.site Follow us on Instagram: http://bit.ly/ECisonInstagram Grab your Extra Credits gear at the store! http://bit.ly/ExtraStore Subscribe for new episodes every Saturday! http://bit.ly/SubToEC Thanks for participating in this week's discussion! We want you to be aware of our community posting guidelines so that we can have high-quality conversations: https://www.extracredits.site/extra-credits-community-code-of-con Contribute community subtitles to Extra History: https://support.google.com/youtube/answer/6054623?hl=en Talk to us on Twitter (@ExtraCreditz): http://bit.ly/ECTweet Follow us on Facebook: http://bit.ly/ECFBPage Watch us play games and have fun on http://bit.ly/ECtwitch ____________ ♪ Get the intro music here! http://bit.ly/1EQA5N7 *Music by Demetori: http://bit.ly/1AaJG4H ♪ Outro music: "Articles of Confederation" by Sean and Dean Kiner http://www.thekinerbrothersmusic.com/extra-history/

Comments

Martin Verran

Horray! More Alternate History Time! 1928 23rd April In the German Empire, President of the Reichsbank, Karl von Helfferich, is Shot Dead by a lone Communist Gunman. He is Succeeded as President of the Reichsbank by German Economist Hjalmar Schacht. 1929 24th October In the United States, the New York Stock Exchange Collapses when Panicking Shareholders try Desperately to Sell their Stocks. The Dow Jones Loses 6.83 Points and the Market Loses $30,000,000,000. 1931 3rd February In the German Empire, the German Economy Finally stops Sinking ~ instead, it Plunges. Fuelled by the Instability Caused by the Collapse of the American Stock Market, Combined with the Fear of changes in the French Commune and the Russian SFSR Causes Investors to Rapidly Withdraw their Assets. As soon as the Berlin Stock Market Opens, Panic Selling Erupts. It takes well into the Night for the Teleprinters to stop Sputtering out the Results of what will become Known as “the Black Monday.” Once the Results have been Analysed, everyone Understands that One of the German Elite’s worst Nightmares has just become Reality. 5th February In the German Empire, German Citizens, Panicked by the Collapse of the Berlin Stock Market, are Rushing into the Banks to try and Withdraw their Assets before they become Worthless. The Banks are not Able to Afford to give out such Sums and many are in Danger of Collapse. It Appears Government Legislation is Urgently needed, and Imperial Chancellor Franz von Papen Orders that the Banks be Closed Temporarily. 6th February In the Kingdom of Poland, there is never any Doubt that the Effects of Black Monday will Spread throughout the German ~ Dominated World, and Poland will not be Immune from this Unprecedented Economic Disaster. Although Economically Isolated from most of Europe, Poland’s Economy still Relies heavily on German Trading. News that the Berlin Stock Market has Collapsed Triggers a Run on the Stock Market in Warsaw and People are already Demanding that the Government take Action. Poland can only Hope to Survive the coming Storm. 9th February In the German Empire, the Situation does not get better Following the Black Monday, which is the start of what will become Known as the Black Week. Panic ~ Selling of Stocks Reaches an all ~ Time high, and when the Stock Market Closes at the End of the Week, 11 Economic Figures in Germany have Committed Suicide, and the Market is as good as Dead. Most of the Middle Classes have lost all their Savings and the Working Classes cannot Afford to Eat; under these Conditions only the Super Rich are Able to make a Profit. What is bad for Germany is Excellent for Adolf Hitler and the German National Party. The Sturmabteilung Immediately begins a Massive Recruitment Drive to take Advantage of the Mass of Unemployed Men, and many new Recruits are ready to Flock to them, seeing it as a way of Rebeling against their Parents’ Authority and for the Excitement of doing something Frowned on. The Nationalist’s Election Machine also goes into full Swing, Presenting Hitler as the Strong Man who Germany Desperately needs. The Nationalists have few Detailed Policies; their Focus is on Hitler, der Führer. It is a Dramatic Turnaround for Hitler, and, as a Result, Money is soon Flowing into Nationalist Coffers from Supportive Businessmen. 3rd April In the Kingdom of Poland, Angered by the Lack of a Government Response to the Economic Catastrophe, some on the Polish Right Decide it is Time to Act. Adam Doboszyński, an Army Officer with Nationalist Leanings, Decides to Mobilise his Branch of the “Patriots for Saving Poland” Organisation for a March on Warsaw, Intending to Petition the Sejm to Act to Save the Economy. The Marchers, many of whom Turn up Singing the Age ~ old Polish National Anthem, “Poland is Not Yet Lost,” have no Interest in Overthrowing the German Backed Monarchy ~ they Consider themselves to be Loyal Polish Citizens trying to Save Poland from Disloyal Ministers who had Misled the King and Caused the Economy to Collapse. Unfortunately the March does not go as Peacefully as Doboszyński had Planned, and, after an Attack on his Men by Socialists, Doboszyński Decides to Disarm the Local Police. Taking it as a Sign of Serious Problems within his Country, King Friedrich Christian Orders the Army be sent in to Arrest everyone Involved in what he Believes to be a “Treasonous Putsch.” 2nd June In the Kingdom of Poland, Realising he must choose between a Government under either the Nationalist or Socialist Party or Poland will be in a Civil War in the near Future, King Friedrich Christian, who Disapproves of Socialist Policies, Invites the Head of the Polish Army, General Józef Piłsudski, a Nationalist, to become Prime Minister.

Bill Lemmond

Thank you, especially, for showing two things: how at the time, efforts were made to relieve panic, how they worked, briefly, but why they weren't enough; and how the stock crash and the depression, while linked, weren't the same, actually separated by a few years.

zanabasos

Can't imagine why this was made right now