#数字资产动态追踪 The 1929 Stock Market Crash: A Financial Collapse Powerful Enough to Rewrite History

How severe was this disaster? In October, the New York Stock Exchange saw the Dow Jones Industrial Average plummet 40% in ten days. Overproduction, consumer exhaustion, exploding leverage—three toxic factors hit simultaneously. The Hoover administration chose to stand by and watch, even enacting the Smoot-Hawley Tariff Act, which ignited a global trade war, slashing exports by 77% to just 23%.

The subsequent story was even more brutal. Over 43 months, the US economy shrank by half, more than ten thousand banks closed their doors, and a quarter of the workforce was unemployed. Farmers dumped milk and slaughtered livestock, and millions of families became refugees. Global trade contracted by 60%, the UK and Germany abandoned the gold standard, and Japan and Germany moved toward militaristic expansion—setting the stage for World War II.

The turning point came in 1933. Roosevelt launched the New Deal—rebuilding the financial system, implementing labor-intensive projects, and establishing social safety nets—creating 8 million jobs from nothing, and the unemployment rate began to decline.

But a question worth pondering is this: every crisis in history tests participants' ability to use leverage, recognize risks, and manage liquidity. It was true in the past, and it remains true in today’s financial markets. $BTC $ETH $XRP