Friday, August 10, 2012

Historical Economic Collapses

The Greatest Economic Collapses in History (Business Insider). Taken from Niall Ferguson's "The Ascent of Money." Oddly enough, some of these were not caused by the Federal Reserve.
  • The Medici Bank, a lack of focus by the principal of one of the world's biggest banks leads to its demise
  • Price Revolution, Spanish conquistadors import gold and silver at a record pace leading to massive price inflation
  • Mississippi Bubble, a financial scheme goes bad and taxpayers suffer as the man at fault flees France
  • Overend, Gurney and Company, the "banker's bank" collapses and takes over 200 businesses with it
  • Confederate Army, cutting off cotton imports destroys the Confederacy's revenues
  • The Panic of 1893, overbuilding of railroads sets off a series of bank failures
  • Russian Revolution, overprinting money to fund a war leads to huge changes in Russia
  • The Great Depression, a stock market crash and poorly designed tariff destroy the global economy
  • The British Empire Falls, war debts lead to hasty decolonization
  • The Housing Bubble, subprime lending leads to a massive bubble that pops and rocks the global economy
  • Greek Sovereign Debt Crisis

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