#以太坊大户持仓变化 The Wall Street Crash of 1929 and Modern Market Risks

In October 1929, the New York Stock Exchange experienced an unprecedented collapse. In just 10 days, the Dow Jones Industrial Average plummeted by 40%, and this crisis, known as "Black Thursday," instantly evolved into a global economic tsunami. The root causes were not complicated—excessive production capacity far beyond consumer demand, unlimited financial leverage, and the inevitable bursting of asset bubbles.

The response of the Hoover administration was disappointing. Not only did they fail to stabilize the situation, but they also enacted the Smoot-Hawley Tariff Act, triggering a global trade war. Countries erected barriers, resulting in a self-destructive cycle where exports plunged by 77%. During these 43 months of nightmare, U.S. GDP was halved, the entire financial system collapsed—10,500 banks went bankrupt, unemployment soared to 25%, farmers watched their crops devalue into waste, and millions of families became homeless.

From a global perspective: international trade shrank by 60%, the UK and Germany abandoned the gold standard one after another, and economic collapse led to social divisions. Japan and Germany ultimately turned to militarism, and the shadow of World War II gradually took shape on the ruins of the Great Depression.

After Roosevelt took office in 1933, there was a glimmer of hope. The "New Deal"’s three major initiatives—financial system restructuring, large-scale public employment programs, and social safety nets—created 8 million jobs in a short period, halving the unemployment rate. But this raises a profound question: did government intervention truly end the Great Depression, or did it merely delay the outbreak of systemic risks?$BTC $ETH $XRP