#数字资产动态追踪 Two Major Earthquakes in US Financial History

In 1929, the "Black Thursday" struck, and the stock market collapsed overnight, with panic spreading from the New York Stock Exchange to the rest of the world. Production capacity was forcibly cut in half, and a wave of unemployment swept through society—25% unemployment rate plunged the entire society into an ice-cold abyss. 79 years later, in 2008, the subprime mortgage crisis proved once again: the fragility of the financial system has never changed. On the day Lehman Brothers declared bankruptcy, global stock market capitalization evaporated in an instant, tens of trillions of dollars vanished into thin air, and the world economy plunged back into a trough.

Why does it happen again?

The root cause remains the same old problems: the Federal Reserve repeatedly cutting interest rates, crazily flooding liquidity, and real estate prices being blown to increasingly absurd levels. More dangerously, financial innovations—such as MBS and CDS derivatives—grow wildly, rating agencies give AAA ratings to junk bonds, and leverage ratios soar to 1:40. A "financial bomb" worth $33 trillion is accumulating silently in the dark. Regulatory agencies are virtually powerless, watching all this happen but unable to do anything.

Patches after the crisis

The $700 billion TARP plan, three rounds of quantitative easing, zero interest rate policies... the Federal Reserve has exhausted all its means. The Dodd-Frank Act attempted to patch the loopholes, but systemic risks still lurk beneath the surface.

Will the next collapse come again? When the bubble re-inflates, who will backstop it? Perhaps the answer is closer than we think.

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