What are Black Thursday and Black Friday? Detailed answer

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What are Black Thursday and Black Friday? Detailed answer

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What is Black Thursday and Black Friday?

In August 1869, as a result of stock exchange fraud, the purpose of which was to increase railroad rates, a lot of gold was thrown into the US market (which would have stabilized it). By July 1869, the rate of gold rose by 65%, and on September 24, 1869, "Black Friday" broke out: the rate collapsed immediately by 30%. A direct consequence of "Black Friday" was the temporary decline of the New York Stock Exchange and the long-term decline of railroad shares, which turned from respectable paper into a speculative instrument.

The US Great Depression was preceded by "Black Thursday": the stock market crash of 1929. The precipitous fall in stock prices began on October 24, 1929 ("Black Thursday") and continued on a catastrophic scale on October 28 ("Black Monday") and October 29 ("Black Tuesday"). ").

Author: Mendeleev V.A.

Random interesting fact from the Great Encyclopedia:

Why did the rebellious Parisians in 1789 need to take the Bastille?

The French national holiday on July 14 is known as Bastille Day. However, on this day in 1789, the rebellious Parisians had no goal at all costs to seize this fortress or to release the prisoners, of whom there were only seven at that time. It’s just that the Bastille contained large stocks of gunpowder, which the townspeople needed to fight with government troops. In addition to gunpowder, the revolutionaries demanded that the commandant remove the cannons from the embrasures, and after the refusal a firefight ensued, culminating in the surrender of the garrison.

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