5. The Wall Street Crash 1929: Also known as Black Tuesday, was the mother of all economic shutdowns.
The devastating stock market crash in the history of US in 1929 signalled the beginning of 10 years Great Depression.
On September 5, 1929, economist Roger Babson famously gave a speech where he predicted an impending crash, claiming it would be absolutely “terrific.”
Slightly less than two months later, Black Tuesday hit and irreversibly changed the course of world history.
Over $5 billion was wiped out of the economy, a figure which is almost beyond calculating in today's money.
The Depression was ushered in and a decade of misery sparked off, culminating in FDR, the New Deal, and a whole new political consensus.
Now, predicting an event a mere two months in advance may not sound so impressive, even when it is of epoch-shaking magnitude, but according to The Guardian, Babson had been warning about the Crash for years.
Latest India News