Veliki slom 1929: Kako nastaju velike svjetske krize

The great collapse of 1929 can be connected with the crisis of 2008, claims the author's son James K. Galbraith in the foreword. The models of robbing a naive people have not changed much. In 1929 as well as in the crisis of 2008, the governments cheated the citizens and participated in the crimes of the banks, and in both cases they knew what to do, but did not do it.

There are certainly reasons why the great crash of 1929 is also relevant to the great crisis that hit the world in 2008. When the FBI publicly warned of a 'mortgage fraud epidemic' in 2004, the US government did nothing, in fact, it did something worse than that: it allowed a combination of low interest rates, deregulation and clear signals that the laws would not be enforced. This basically fueled the fire.

... What in 1930 manifested itself dramatically through the massive withdrawal of money from banks - ultimately wiping out the savings and material status of the middle class - in 2009 manifested itself through a drop in property values, which metastasized month after month, followed by bankruptcies, mass layoffs and liquidations of companies. At the same time, there were often no drastic forms of hardships in life - because the country does not lack food - but that is why there was a significant weakening of the available opportunities for education, work, and retirement. And it casts a shadow on our time...