.

Gang was having a happy chat with the old man. The guard had returned. In Zhao Gang, "Your Majesty, I found out that it was the Wang family in the east of the city and the Liu family in the north of the city that had made an appointment to fight for wealth here for a woman. There is no government matter. To be honest, these two boys are a little careless. If they buy flowers and send them over, the flowers will be less and the effect will be much better. There are so many fireworks that are busy on the list until the end."

"That doesn't matter. If you have money, you can spend money and don't care about our affairs." Zhao Gang nodded, and his mood improved a lot. He established the Independent Commission Against Corruption for 20 years. Obviously, he did a good job in this regard. At least Zhao Gang has not seen anything too annoying along the way.

Sometimes it is too terrible to say. As soon as Zhao Gang turned this idea, he heard the people on the street rushing and crashing like snowballs. Zhao Gang hurriedly stood up and helped the old man to walk to the street. He saw more than a dozen people being pushed over, dozens of men in black kept beating with sticks, but the force was not large, and the clothes were actually police.

"What's going on?" Zhao Gang turned around and asked the guards. The guard looked up and smiled: "Your Majesty, this is acting. The police department has this drama every year. I warn those little hooligans not to tease women casually. That's the meaning. You also know how good the security situation in the capital has been in the past few years. I'll throw down ten dollars and wait for a half hour to come back, and I can still find it."

"No, if you want me to say that if you don't pick up the void, then it will be a saint. Now in this dynasty, it will be a saint." The old man interrupted.

"Haha, look at the flowers!" Zhao Gang felt relieved by these few words, but he knew that these words should not be taken seriously. Emperor Wu of Han was wise and was fooled by others and could not find the North. In the end, he almost lost his country and did not wake up until his later years. This kind of confusing soup can be done at all, and the cost is very cheap. If the king accidentally drank a bowl, then wait to find a trick!

This Lantern Festival was very comfortable. Seeing the people on the streets all had good knowledge and knowledge, and still retained Chinese etiquette after gaining wealth that far exceeds history. This sense of accomplishment made Zhao Gang feel great happiness. After returning to the palace, Zhao Gang made an exception and drank the tincture of cheese. Everyone was drunk with great pleasure.

However, Zhao Gang was undoubtedly too happy. On Tuesday, March 21, 1927, an unprecedented huge financial storm broke out. On this day called "Black Tuesday", everyone on the Shanghai Stock Exchange fell into a vortex of selling stocks. This was the darkest day in Chinese securities history, the most influential and most harmful economic event in Chinese history, and the impact affected Western countries and the entire world.

The crisis has quietly arrived, but people have not noticed it. In the autumn of 1926, the Shanghai real estate bubble, which was outrageously speculated in the 20th generation land speculation frenzy, was first punctured. Before that, Shanghai experienced a 20-year increase in real estate prices, with housing prices ranging from 15 yuan per square meter to 1,190 yuan per square meter. The housing prices in the whole Shanghai increased by nearly 80 in total. However, this did not bring much warning to the madness of Chinese financiers. Some experts were still making strange remarks, and there was room for growth in Shanghai's land prices. And it could continue to increase several times. There was no need to notice that the total real estate price in Shanghai could already be comparable to the GDP of a medium-sized country.

Since 1926, the stock market has risen to the most, and many industries in China have not recovered from the post-World War I depression. The overheating of the stock market has been completely out of touch with the real economy. However, people are immersed in the rapid gain of virtual currencies and do not notice the basic economic level, and have not added much good news. This kingdom built on soap bubbles is destined to be destroyed.

In January 1927, the Reserve Committee of the Chinese Empire was worried about the rise in stock prices and announced that it would tighten interest rates to curb the stock price surge. However, Fu Longyun, the president of the People's Bank of China, increased capital investment into the stock market from his own interests to avoid falling. Stock brokers and bankers are still trying hard to encourage people to join the speculation. Even some famous scholars have lost their calmness. The most typical of these is Lin Feixue of Tsinghua University. This great economist not only integrated into the ranks of speculators himself, but also declared in a public speech: "Stock prices have reached some lasting peak state."...Wrong, his words are powerless to prevent the collapse.

However, there are also many people who keep a calm mind. Joseph Kennedy, the father of Chinese President John Kennedy, was one of the people who got out of the stock market early. He told himself that if even the shoe polisher was buying stocks, I would not want to stay in it anymore. This wise choice made him withdraw funds early and give his family a chance to

To lay the foundation.

In the summer of 1927, the growth rate of stock prices exceeded that of the moment. On September 3, a statistician of Chinese financiers said at a financial dinner of Chinese financiers: "The stock market will collapse sooner or later!" This sentence was published in Finance. This was just a word similar to the emperor's new costume, but only this economist repeatedly talked about that other economists disappeared at once and became the voiceover of capitalists.

In fact, this gentleman has been repeating this sentence for the past two years, but he was only treated as a joke by people. Unexpectedly, this time he made a name for himself and left his name forever. This statement soon spread throughout China, and investors' confidence began to shake, and the stock market immediately turned downward.

The news of the decline in the stock market alarmed Emperor Zhao Gang. He quickly spoke to the press and said: "China's business foundation is good, and production and distribution have not lost its previous balance." The relevant government and financial officials also came forward to support the stock market. But at this time, people's nerves were already extremely fragile. After the stock market rose for a flash in the pan, it began a nightmare plunge.

It's not just the stock index that jumps off the building

The last 10 days of March 1927 focused on a series of famous days in securities history.

On the 321st, the Shanghai Stock Exchange was sold at a large scale as soon as it opened, with a sales volume of up to 10,000 shares throughout the day, so the stock market automatic recorder did not record the last transaction after the closing of 1 hour and 40.

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323. The situation continued to deteriorate, and the Shanghai Financial News index fell by 31 points.

324. This day was the beginning of the stock market disaster, the famous "Black Thursday" in history. As soon as the market opened in the morning, the stock price blew down like a water bursting through the dam. People took off their stocks and changed hands 1,289.5 shares throughout the day. Several major banks in Shanghai quickly formed a "scuttle fund". The president of the Shanghai Stock Exchange personally purchased the stocks, hoping to turn the tide. But the building will collapse and it is difficult to support it.

325. His Majesty Zhao Gang issued a statement saying: "China's basic enterprises, namely the production and distribution of commodities, are based on the basis of soundness and prosperity," trying to stimulate a new round of investment. However, after a weekend, all efforts to save the stock market were in vain.

328, known in history as "Black Monday". On that day, the Shanghai Times Index fell 49 points, and the comprehensive index plummeted by 38.33 points, with a daily decline of 13%. First, for everyone, everyone is under the water. Not to mention saving people, even self-rescue has become a luxury. The market confidence has been destroyed. China, which has never experienced an economic crisis, faced a hurricane that swept everything for the first time when facing an economic crisis.

On the 329th, the darkest day came. At 10 o'clock in the morning, the Shanghai Stock Exchange had just opened, and fierce orders swept overwhelmingly. Everyone was selling without regard to prices. Brokers were surrounded and the trading hall was in chaos. The Dow Jones Index plummeted. At this point, the stock price index had fallen from its highest point of 386 points to 298, a drop of 22%, down 41 points. The market closed that day, and the stock market generated 16.41 million shares.

4,...i.%. Then, with the remaining bullishness, the stock market regained 297 points in 5. After that, it took a sharp turn and finally got out of control. In this stock market crash, thousands of people jumped off the building and committed suicide. Lin Feixue, a big economist, lost millions of yuan in a few days, lost all his money in an instant, and was heavily in debt until he died in poverty in 1937.

This stock market crash completely hit investors' confidence. People are terrified of stocks, and their investment mentality cannot be restored for a long time. Stock market crisis, banking crisis and the crisis of the entire economic system are a vicious cycle that promotes each other. After the stock market plummeted, investors suffered heavy losses, consumption desires dropped sharply, and commodity backlogs became more serious. At the same time, the stock market and banks experienced crises, making companies unable to find financing channels and production sluggish, which in turn aggravated the crisis of the stock market and banks, and the national economy became worse. Because China occupies an important position in the world economy, its economic crisis triggered a Great Depression throughout the entire capitalist world: 50 million people were unemployed, no.;. All the flows, production stagnates, and all industries wither.

Under such circumstances, Zhao Gang fell into deep distress where China went.
Chapter completed!