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The 5 Lists of The Worst Monetary Crisis Around The World You Need to Know

Almost every country has experienced a financial crisis. There are many reasons why a crisis can occur, such as inflation or the decline of the currency. However, from the crisis that has ever existed, there is the worst monetary crisis around the world.

The crisis is very severe and usually occurs for a long time. Moreover, the impact of the crisis can still be felt until now. Here is the worst monetary crisis around the world you need to know:

1.     The Panic of 1907

It happened because of the free fall of the Dow Stock market. The stock market fell more than 50% compared to the previous year. The trigger is over-expansion and poor market speculation. The stock market fell in March and reoccurred in October.

This led to a bankruptcy of the North American Bank. In February 1908 public confidence began to recover and in May. The Congress approved the Aldrich-Vreeland Act and formed the National Monetary Commission. This is done to reduce any market panic in the future.

2.     German Hyperinflation

Although German hyperinflation is not the worst in history, it has the most severe impact. In 1914, the exchange rate of the USD against German Mark was around 1 to 4. But in 1923, that number exploded to become 1USD equivalent to 1 trillion German Marks.

In the aftermath of World War I, “the winner” charged the reconstruction costs of the war with Germany. Its value reaches one-third of the German budget deficit. Finally, Germany has a new type of currency, Rentenmark, and Reichsmark in 1924. So, Germany can finally control inflation.

3.     The Great Depression

This phenomenon is the longest and most severe depression phenomenon in the history of the global economy. This crisis lasted between 1929 and the outbreak of World War II. The beginning of this crisis was the collapse of Wall Street.

This makes it the most devastating collapse in the history of the stock market. On October 29, 1929, USD10 billion disappeared. Before Black Tuesday, the Dow stock exchange made many people millionaires.

4.     Oil Crisis

The organization of the world’s oil-exporting countries makes oil as a weapon. OPEC carries out an oil embargo on those who support Israel. Crude oil costs increased while production was cut, especially for the US and the Netherlands.

The embargo only lasted for five months, but the effect continues to be felt until now. The New York Stock Market lost up to USD97 billion. That is why this is one of the worst monetary crisis around the world.

5.     Black Monday

No one knows for sure what caused Black Monday to take place on October 19, 1987. All of a sudden billions of USD were lost from stock markets around the world. Hong Kong lost 45.8% of the total value of its shares. Furthermore, Britain lost 26.4% and Australia lost 41.8%.

The most severe, New Zealand dropped by 60%. Many have speculated that the trading program causes this. There was also a dispute over monetary policy and concerns about inflation.

Those are the worst monetary crisis around the world. There is still a crisis that you can still feel until now. However, from this incident, many countries learned many things so that similar incidents did not occur.

News Headlines Today Live – What Becomes World’s Headline Today

News Headlines Today Live – What Becomes World’s Headline Today

What becomes the news headlines today live? What happens to people on the other side of the world? Either it is politic, lifestyle, health, or entertainment, you can always find what become headlines on the planet every day. Get to know the big things that happen in the world today on the following page. Check them out!

#1. “ISIS Leader Dies Like a Coward,” Says Trump

The US president, Donald Trump, recently shocks the world with his statement that says the leader of ISI has died like a coward in the raid conducted by US troops in Syria. The White House reports that Abu Bakr al-Baghdadi, who is the leader of ISIS, died on Sunday following the raid under US commandos. The died the Baghdadi is considered to the end of a manhunt that has been done for years to catch the world’s most wanted terrorists. It is also reported that Trump watches the operation done to kill Baghdadi from the Situation Room in the White House. He is accompanied by US top officials such as Robert O’Brien, Mike Pince, and Mark Esper. 

#2. Kincade Fire: More Than 180,000 People in Northern California Are Under Evacuation Order

The wildfires that occurred in Northern California on Sunday afternoon continue to spread and have burnt acres of land in the region. This situation places more than 180,000 people live in Sonoma City under the evacuation order. The local government admits that it is the largest evacuation order they have done. At 6.30 PM on Sunday, the Kincade Fire is reported to grow bigger and the winds even almost reach hurricane force level 1. There are more than 54,000 acres of land burnt just within hours. However, the local government further states that the containment had now gone down up 5%. Three firefighters are reported to get injured when they are trying to extinguish the wildfires.

#3. Joe Biden Defends Son Over His Serve on Ukrainian Gas Company

Joe Biden said in a rare interview with CBC Evening News that his son did no wrong when serving on a Ukrainian gas company. Biden told the anchor, Norah O’Donnell, that he did his job as the former vice president of Barack Obama without any concern about his son’s job in the gas company. He further stated that as a father, he didn’t have an obligation to tell his grown son what could do. His son could whatever he wanted as long as he’s doing is appropriate. The job choice of Biden’s son, Hunter, has led controversy during his period as a vice president.