Are the causes of the stock market crash in 1929 similar to the recent crash in 2008?
In both the current financial crisis and the stock market crash of 1929, the problem was imaginary money. That’s credit, speculated earnings, basically anything you can spend that isn’t actually in your pocket. There’s only so long you can run an economy on imaginary money before people start realizing there’s more imaginary money than there is actual money in the world, and therefore no one can actually have what they think they have, and then no one actually knows what they do have, and there’s much confusion and turmoil.
