Great Economic Crises

Explication : On October 24, 1929, the New York Stock Exchange collapsed, marking the beginning of the Great Depression. This day is known as "Black Thursday."

Explication : The bankruptcy of Lehman Brothers on September 15, 2008, was the largest bankruptcy filing in American history and triggered the global financial crisis.

Explication : The subprime crisis takes its name from the risky subprime mortgages granted to borrowers with poor creditworthiness.

Explication : Franklin D. Roosevelt launched the New Deal in 1933, a set of programs to revive the American economy after the 1929 crisis.

Explication : The OPEC oil embargo following the Yom Kippur War quadrupled the price of oil, causing a global recession.

Explication : Greece revealed in 2010 a deficit much larger than announced, triggering a debt crisis that threatened the eurozone.

Explication : "Black Monday" saw the Dow Jones lose 22.6% in a single day, the largest percentage drop in history.

Explication : A speculative bubble occurs when asset prices deviate from their real value due to speculation, before bursting suddenly.

Explication : The Asian financial crisis of 1997 began in Thailand with the collapse of the baht, before spreading to all of Southeast Asia.

Explication : "Too big to fail" refers to financial institutions whose failure would have systemic consequences, justifying government intervention.

Explication : Quantitative easing is a monetary policy where the central bank buys financial assets to inject liquidity into the economy.

Explication : The Internet bubble (or dotcom bubble) burst in March 2000, leading to the collapse of many overvalued technology companies.

Explication : Weimar Germany experienced extreme hyperinflation in 1923, when wheelbarrows of banknotes were needed to buy bread.

Explication : The IMF (International Monetary Fund) was created in 1944 during the Bretton Woods agreements to ensure the stability of the international monetary system.

Explication : The COVID-19 pandemic caused what many economists call a global depression, the sharpest economic contraction since the 1930s.