10. WALL STREET CRASH! London Herald
Why should the crash of the US Stock Market on October 29, 1929, have had such an impact on the whole world?, I hear you ask. Well, quite simply, the Wall Street Crash directly facilitated the Great Depression a 10-year economic slump which led to mass unemployment across the whole of the western world. The US had effectively bankrolled European nations in the aftermath of the Great War and the German economy was wholly reliant on the Wall Street stock market. When Wall Street crashed, the value of currencies around the world plummeted as the extremely rare phenomenon of stagflation rising inflation and rising unemployment simultaneously took hold. The London Heralds headline on Friday, October 26 the day after Black Thursday, which facilitated the subsequent collapse of the stock market read: WALL STREET CRASH! This alerted Britain and the rest of the world to the crisis that was about to unfold although no-one quite anticipated just how deep a depression the western world would fall into.
Chris Waugh
Contributor
NUFC editor for WhatCulture.com/NUFC. History graduate (University of Edinburgh) and NCTJ-trained journalist. I love sports, hopelessly following Newcastle United and Newcastle Falcons. My pastimes include watching and attending sports matches religiously, reading spy books and sampling ales.
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Chris