Top economic collapses

01

John Law (economist)

A Scottish duelist who killed a man in 1694 talked his way into running France's entire money supply — then collapsed it. He fled Paris in a stolen carriage, died broke in Venice.

02

Hyperinflation in Zimbabwe

At its worst, Zimbabwe's inflation hit 89.7 sextillion percent annually. Workers were paid twice a day so they could spend wages before lunch erased the value.

03

Wall Street crash of 1929

On October 24, 1929 — Black Thursday — 12.9 million shares changed hands before noon. The suicide of ruined investors became so expected that hotel clerks asked guests: 'For sleeping or jumping?'

04

Nixon shock

On a Sunday night in August 1971, Nixon told the world — and blindsided every allied government — that dollars were no longer redeemable for gold. The Bretton Woods system died in a 15-minute TV address.

05

Zimbabwean dollar

Zimbabwe's central bank printed a 100-trillion-dollar note — physically the largest denomination in world history — then scrapped the entire currency three months later. The note now sells for $80 on eBay.

06

Hyperinflation in the Weimar Republic

By November 1923, a loaf of bread in Berlin cost 200 billion marks. Workers demanded to be paid hourly so they could sprint to buy food before the next price update.

07

Panic of 1907

In October 1907, J.P. Morgan physically locked the nation's top bankers inside his Manhattan library at midnight and refused to open the doors until they signed a $25 million rescue pledge at 4:45 a.m.

08

John Law's Company

John Law sold France shares in the Louisiana Territory — mostly swamp — by convincing Paris that the Mississippi River ran through mountains of gold. Share prices rose 3,600% then fell to zero in 18 months.

09

1994 bond market crisis

Venezuela's sovereign bonds traded at 25 cents on the dollar while the Maduro government flew in tonnes of imported food for Bolivarian summits. Ordinary Venezuelans lost an average of 11 kg of body weight in 2017.

10

Tulip mania

In 1637 Amsterdam, a single Semper Augustus tulip bulb sold for 10,000 guilders — enough to buy a canal house. Within three months the market collapsed; bulbs sold for the price of onions.