Commentary
I have studied quite extensively the stock market crash of October 1929, and the Great Depression of the 1930s that followed, for a book I am writing on crisis forecasting. I recently noticed that the current economic and financial conditions have started to align with those that preceded the “Great Crash” in a rather worrisome way.
The “Wall Street Crash” occurred after a lengthy economic boom period, dubbed as the “Roaring Twenties,” which I briefly summarize as follows.
After the First World War had decimated Europe, the United States became a dominant global power. She quickly became the world’s leading exporter and the second as an importer. Between 1924 and 1931, the United States also was responsible for around 60 percent of global international lending, effectively making her the ‘world’s banker,’ The U.S. economy was booming….