00:00It is believed that the economic crisis was caused by the dramatic collapse of stock prices on U.S. exchanges
00:05in October 1929.
00:07In reality, the stock market crash, known as the Wall Street Crash, was triggered by another event.
00:12A month before the collapse of American stocks, on September 20, 1929, another exchange crashed, the London Stock Exchange.
00:20After the end of World War I, the United States was the largest creditor of the United Kingdom.
00:25The collapse of the London Stock Exchange meant a technical default on England's foreign debts.
00:29After that, the domino effect kicked in.
00:31Following the London Exchange, the New York Stock Exchange also crashed.
00:34After that, the American government announced a temporary freeze on its own and external payments.
00:39This led to the collapse of the economies of those countries that had invested in the States.
00:43The circumstances of the London Stock Exchange crash were investigated by the Office of the Attorney General for England and
00:49Wales, after which a trial took place.
00:51The court found that the stock crash on the London Stock Exchange, and therefore on the New York Stock Exchange
00:56as well, was the result of fraudulent actions by several brokers.
00:59All of them were sentenced to various prison terms for fraud and forgery, but were soon released and continued to
01:05successfully run their businesses.
01:07So, to put it mildly, talk of an overproduction crisis is superficial, and to be blunt, it's simply said to
01:14distract and obscure the truth.
01:16In reality, even legally, the fact of collusion was established.
01:20The thing is, it wasn't just a matter of few brokers colluding, but an international conspiracy involving a number of
01:25Anglo-Americans.
01:26This is supported by the fact that the convicted brokers were in constant contact with the leadership of the Bank
01:32of England.
01:32In addition, six months before the crisis, on March 25, 1929, the U.S. Federal Reserve System officially warned about
01:41fraudulent stock speculation on the New York and London exchanges.
01:45The Federal Reserve statement directly mentioned the threat of a stock market crash.
01:49One detail, after announcing this, the financial regulator did nothing to prevent this catastrophe.
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