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WALL STREET CRASH
armando ripepi
Created on May 20, 2023
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Transcript
Known to history as "the crash of Wall Street", the crisis of October 29, 1929 shocked everyone and exploded in the United States bringing the whole world to its knees; it was a time when "the worst kept getting worse" as economist John Galbraith put it.
THE WALL STREET CRASH AND THE CURRENT GLOBAL ENERGY CRISIS
The tendency to buy shares and then resell them once the value increased, or rather the so-called financial speculation, began to develop, but after a while it began to send warning signals; in fact there was a considerable decrease in the purchasing power of the Americans caused above all by overproduction which led to a contraction in the profits of companies and businesses and therefore to the dismissal of large numbers of workers, therefore a greater social fracture in terms of investment opportunities and as a result of the crisis itself.
In the 1920s, known as the "roaring yars", the USA experienced a moment of great prosperity and economic comfort: the GDP grew by 40% and the unemployment rate fell considerably, interest rates were also lowered and installment payments became widespread. Refrigerators, washing machines, radios, telephones and cars invaded society and numbers were reached that Europe reached only 30 years later.
Before the crisis
The results of the crisis were catastrophic and led to unprecedented unemployment, which forced the decrease in industrial production which in turn led to even more massive layoffs. Then there was a wage cut that put many families on the streets and the suicide rate soared. Many companies and banks closed and the repercussions reached as far as Europe, especially in Germany, England, France and Italy: here too unemployment reached the stars and many businesses were forced to close. The measures taken by the other countries were related to the adoption of isolationist policies, limiting the previous liberalism and thus promoting the economy within their own country. In America a light at the end of the tunnel could be seen thanks to President Roosevelt and the "New Deal" reform program; public works plan, social insurance system, increase in wages, reduction of working hours: these are the points that started a phase of reconstruction.
CONSEQUENCES OF THE CRISIS
All these elements, in addition to having consequences in terms of lack of energy, also have consequences in terms of social and political tensions, which are increasingly moving towards a world of war and desolation. What would be needed would be to switch to totally renewable sources trying to isolate the various energy problems from time to time. Therefore focusing on the recycling of energy, avoiding waste; on the use of green energy such as wind, water and heat; thus avoiding being dependent on polluting forms of energy and promoting the development of clean energy technologies in each country so that it can enjoy its own autonomy. All of this is summarized in one of the key points of the 2030 agenda.
Even today we are facing a major crisis, but this time especially in terms of energy. There are many causes but the main ones must certainly be sought in the coronavirus pandemic, climate change, energy transition and geopolitical scenarios: in fact, covid-19, initially reducing the demand for oil, then made it explode causing high inflation ; the intense rainfall in Asia and the cold temperatures in Europe made it difficult to extract coal and transport gas, slowing down the energy market and increasing demand; the energy transition, although not a real cause, fuels the temporary decrease in fossil fuels; Finally, the brutal scenarios that persist between Russia and Ukraine deprive many countries of a significant amount of energy subsidies, considering that Russia is one of the largest producers of energy in the world.
WHAT ABOUT NOWDAYS?
This terrible episode makes us understand how the real disease is not that of the inept of Svevo, who feels dissociated from a consumer society and bourgeois values based on the superficiality of material goods, but that of the average consumer who, in order to get rich, risks losing everything. This process in the long run, one day, could lead to that "waste land" so feared and so well described by Eliot, a place where all that remains is a desert of dust and forgotten values; an authentic realm of human decay. The proposal would be to try to get out of this consumerist and capitalist "paralysis" that keeps us tied to an evolutionary immobilism, quoting Montale, as much as Joyce's Dublin keeps his Dubliners tied.
What have we learned?
THANKS!