1929 Wall Street Crash

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Event.png 1929 Wall Street Crash (Financial fraud)  SpartacusRdf-icon.png
1929 Wall Street Crash.jpg
Date October 24, 1929 - October 29, 1929
Interest of Wim Grommen
Description A dramatic end to the "roaring twenties" - a huge wealth grab by the superrich

The 1929 Wall Street Crash was a huge transfer of wealth to the cabal of bankers who had achieved control of the US banking system after the Federal Reserve Act was signed into law.

Official narrative

Undoubtedly, a lot of people lost a lot of money during this crash. The official narrative of the 1929 Wall St crash (like that of financial fraud generally) obscures the fact that the zero sum nature of money means that for everyone dollar that was lost, a dollar was gained. To look at it another way, money is only an accounting tool, the real disaster was a transferral of ownership of property. The property was not destroyed by the crash, but hyperaccumulated in the hands of the few who engineered the event. Since they also controlled the commercially-controlled media, this perspective was not widely aired.

 

Related Document

TitleTypePublication dateAuthor(s)Description
File:Splitting Stocks Caused Stock Market Crash 1929.pdfarticle24 April 2015Wim GrommenAn explanation of how the introduction of stock splitting on December 31st, 1927 eventually caused the crash of 1929. The frequent splitting of shares into very large proportions gave a massive boost to the stock market boom, making the stock market crash of 1929 equally violent.


References