Visualizing The Greatest Economic Collapses In History

The very first major economic collapse in recorded history occurred in 218-202 BC when the Roman Empire experienced money troubles after the Second Punic War. As a result, bronze and silver currencies were devalued. As HowMuch.net depicts in the video below economic collapses date back thousands of years. While many countries today still feel the effects of the most recent Global Financial Crisis, it is important to note that economic troubles are not unique to the present-day, but rather date back to some of the oldest civilizations.

Crisis by Type

While no two crises are exactly the same, economic collapses can be categorized into the following types:

• Fiscal: inability of the government to finance its regular activities

• Credit: reduction in the general availability and accessibility of loans

• Financial: value of financial institutions or assets suddenly drop

• Currency: doubt as to whether a country’s central bank has enough reserves to maintain the country’s fixed exchange rate

• Economic: country experiences sudden downturn brought on by a financial crisis

• Hyperinflation: extremely rapid period of inflation, usually caused by fast printing of money

• Supply Side Shock: unexpected event that changes supply of product, resulting in a sudden change in price

• Speculative Bubble: spike in asset value with a particular industry caused by exaggerated expectations of future growth

• Stock Market Crash: sudden decline of stock prices across a large part of the market

The first collapse that occurred in the Roman Empire in the year 202 BC would be classified as a currency collapse. 235 years later, the Roman Empire experienced a financial crisis, caused by the decrease in land prices thereby making difficult for borrowers to pay back loans. As a result, interest loans from the wealthy became scarce.  

Below is a look at some instances in which each of the other seven types of crisis above were experienced either globally or by a specific country.

Fiscal: The European debt crisis has been ongoing since 2009 when Greece, Portugal, Ireland, Spain and Cyprus had trouble repaying their government debt.

Credit: The Crisis of 1763 began in Amsterdam with the collapse of Leendert Pieter de Neufville and spread to Germany and Scandinavia.

Economic: From 1050-1100, Europe experienced economic decline, mainly due to the Great Invasions. This economic collapse ends in the 12th century with innovations in agriculture and textiles.  

Hyperinflation: From 235-285 AD, emperors in the Roman Empire devalued currency rather than make unpopular budget cuts.

Supply Side Shock: In 1970, the world’s major industrial countries entered into an energy crisis, with countries facing substantial petroleum shortages, real and perceived, as well as elevated prices.

Speculative Bubble: After several years of a booming internet industry, stocks began to sharply decline in 1999, affecting major economies, including U.S., Germany, Great Britain, and Italy.  

Stock Market Crash: The Wall Street Crash of 1929, or Black Tuesday, was the most devastating stock market crash in the history of the U.S.

Surviving Collapses

Despite the devastating effects throughout time, economies were able to recover from multiple collapses. For instance, the Roman Empire experienced currency and hyperinflation crises over five centuries while various countries in Europe have endured a number of crises over the last millennium. Below is a list of countries ranked by the amount of crises survived per country.

• 1 crisis: South Africa, Israel, Mexico, Indonesia

• 2 crises: India, Chile, Thailand, New Zealand

• 3 crises: Australia, Canada, Japan, Brazil, Ukraine, Latvia, Estonia, Lithuania

• 4 crises: Argentina, Andorra

• 5 crises: China, Russia, Romania

• 6 crises: Algeria, Morocco, Libya, Tunisia, Sweden, Norway

• 7 crises: Finland

• 8 crises: Ireland

• 9 crises: Macedonia, Albania, Bosnia and Herzegovina, Turkey, Bulgaria, Serbia

• 10 crises: Croatia, Switzerland, Germany, Croatia, Cyprus, Slovenia

• 11 crises: Austria, Greece, Netherlands

• 13 crises: Spain, Italy, Portugal

• 26 crises: United States

With only 239 years of existence as a country, the United States has experienced double the number of crises as Spain, Italy, and Portugal, which are much older societies. This equates to approximately one crisis every 9 years! Over time, the United States developed a boom-to-bust economic cycle, commencing with the Panic of 1819 when a depression was caused by bank failures. These cycles vary with time and severity. Given the strength of the U.S. economy and sophistication of its capital markets, the U.S. is able to have shorter cycles by effectively adjusting policy when the economy expands and contracts. Under this cycle theory, one would expect the next U.S. economic collapse to occur in 2025, probably much sooner.   

Patterns of the Past

When the Industrial Revolution began in Europe in the 18th and 19th centuries, timing between economic collapses became notably shorter. Instead of having over 100-200 years of crisis-free periods, the 19th century began to see a sharp decline in the length of time, with a crisis occurring approximately once every decade. While the length of time has varied between collapses, it is evident that economic collapses became not only more frequent, but also more widespread. The first instance of a global crisis was experienced across Europe and the U.S. in 1873-1879 in which multiple countries experienced a worldwide price recession called the Long Depression. Over one hundred years later, stock markets around the world crashed during Black Monday, beginning in Hong Kong. Progress in technology and telecommunications has created greater accessibility among countries in the present-day. As a result, the ripple effects of events, both good and bad, spread faster and are sometimes unavoidable.

Source: HowMuch.net

Comments

[Stifmeister]

Its never been easier to manipulate a currency. Back then, they had to actually reduce the amount the of gold/silver used in coins. That's still a tangible difference. Now it's all just numbers on a screen, and pictures on paper. The central control is so pervasive that it scares me.

I've been to the Fed vault some 5 years ago. Got hooked up for a visiting tour by a friend. Yes there is gold there. But what shocked is that loads of the god damn cells were full of packets of paper currency, not gold. And that was 5 years ago.. The amount of gold has most definitely reduced since then.

[BlueViolet]

This is how they'll execute the greatest Financial CATACLYSM in world history >> http://bit.ly/1KogtGi

[Stainless Steel Rat]

And how many for the UK?

[thesonandheir]

Just one long one after the war.

[cynicalskeptic]

Most of that gold is owned by OTHER nations (at least officially).  If possession is 9/10 of the law, the Fed is in pretty good shape while all those that officially 'own' that gold should be wondering is they REALLY control 'their' gold.    Given the amount of gold 'loaned' out and rehypothecated numberable times over, one has to wonder if push comes to shove and all laws ignored, if the Fed would ever relinquish control of the gold in its possession.

If you saw currency in the gold vault I'd be surprised.  THAT would be signs of a major change as gold was always segregated in its own vault while currency was stored and handled in segregated areas.

As for the amount of currency at the NY Fed, that is nothing compared to what's at their operational facility and vaults in New Jersey.  Mind blowing to see PALLETS of 100's.

BTW... what ever happened to all those pallets of 100's shipped to Iraq by Bush?

[Stifmeister]

There was one big chamber, which had the bulk of the gold (I'm assuming US gold?). Then there were dozens of smaller cells, each belonging to a specific country, but the cells weren't tagged due to confidentiality issues. Some of those smaller cells had just gold, others were filled to the brim with boxes of paper currency. That's really all I remember. I wish I had payed more attention, but at the time I was a young fool.

[Cynicles]

The less US gold the bigger the mandated war(s).

Gold electroplated tungsten does not equate to gold. 

[BadLibertarian]

I think there's more than one vault. I've been in the Houston vault (over 20 years ago), and it was nothing but pallets of FRN's.

[ToSoft4Truth]

Mint sealed boxes of Silver Eagles should crack 8K delivered sometime this month.

I’m making a move at 7,999.99, delivered. 

[Demdere]

https://thinkpatriot.wordpress.com/2015/12/03/about-the-massive-psyops/

Kleptocracy of awesome power and scope.

Corrupt political systems are easily taken over from the outside, Rome had the problem.

[Miss Expectations]

The Last Romans

At the beginning of the 5th century, Imperial Rome is dying out but Greco-Roman civilization lives on. In the East, many cities will continue to experience flourishing prosperity for almost four centuries.
One city tells the story of this moment of history known as "Late Antiquity". It's name is Sagalassos, in Turkey. And therein lies a great paradox of history: when Sagalassos disappears, so too will the Last Romans.

https://www.youtube.com/watch?v=Vfm-6WgTOHo

This video of the Roman ruins/history is really fantastic.

[MASTER OF UNIVERSE]

This coming implosion will annihilate all the banks in the entire world. In brief, the classless kleptocracy of one per cent slime will be consumed in this next upcoming 'crash'. The MIC will become bankrupt, and I will re-appropriate all the physical gold bullion/wealth transfer back from the kleptocracy when I lead a band of merry men to the de Rothschild vaults in tanks just like in the movie Kelly's Heroes.

I sure hope Crapgame is up to the task.

[SillySalesmanQu...]

"I keep redoing the math Master, it's not 17 trillion, it's 170 trillion in gold....I'm going along too! I need to protect my investment..."

[Tall Tom]

Tigers?!?

You did not say anything about Tigers.

See what those negative waves do, Moriarity?

[SILVERGEDDON]

I like the 2soft solution. Who is doing the delivered price ?

[stacking12321]

i like it, too.

the delivered price of bitcoin is $356.275

btc-e is doing it

https://btc-e.com/

[kelley805]

Here are some signs of a coming recession.

1. Factory orders continue to drop

http://www.zerohedge.com/news/2015-10-02/us-factory-orders-flash-recession-warning-drop-yoy-10th-month-row

2. Default risk spikes

http://www.zerohedge.com/news/2015-10-02/us-financials-default-risk-spikes-2-year-high

3.  M&A set record

http://michaelekelley.com/2015/05/29/mergers-and-acquisitions-set-record/  

4. Fed sees 2 bubbles

http://michaelekelley.com/2015/02/20/fed-warns-of-two-bubbles/

            o  Commercial Property higher than pre-2007 level.

http://nreionline.com/finance-investment/cre-prices-are-now-officially-above-pre-recession-peak

            o  Global Corporate Debt Market hits $5 trillion.

http://fn.dealogic.com/fn/DCMRank.htm

5. Iron ore prices tumble

http://www.marketwatch.com/story/iron-ore-prices-keep-crashing-adding-to-global-growth-fears-2015-11-30

6. Baltic dry shipping index tumbles

http://www.marketwatch.com/story/shipping-index-falls-to-all-time-low-stoking-fears-about-global-growth-2015-11-19

Here is how to prepare.

http://michaelekelley.com/2014/10/16/8-things-to-do-when-recession-happens/

Here is how to get your mind off this stuff.

http://michaelekelley.com/category/humor/

Good luck!

[PoasterToaster]

It's a complete coincidence that the debasement of State's "money" (currency) is tied inextricably to warmongering.  Makes you wonder what currency really is, if it lacks the store of value function of true money.  Maybe the point of removing that function is wholesale theft.

Nah, the Federal Reserve and the oligarchs wouldn't do that.  They love us, and would never want to see us hurt by war.  They will move heaven and earth and step down from their positions of power before it came to that.

And if you disagree, you must be a conspiracy theorist.

[rapetrain]

The stage is already set for people who believe in sound money to be compared to ISIS, who also advocates for gold-backed currency. No coincidence there. To the unsophisticated voter, the association is undeniable!

[pathosattrition]

That's already been done:

http://theantimedia.org/the-isis-gold-dinar-g-i-joes-cobra-currency-2-0/

[Cynicles]

 They love us, and would never want to see us hurt by war

We are nothing more than Red Shirts to them. Yet, largely we are safe as without us they would be left to spend their own money.

[rapetrain]

I think crisis is an unavoidable aspect of reaching for the stars. It allows prices to recalibrate and for society to respond to economic signals that had been ignored. The quicker the cycles, the faster the economy can feel pain from bad decisions and refocus.

[MrBoompi]

It's no surprise most of the US crises occurred during the reign of the Federal Reserve.  And during the last 100 years we've endured many many years of repression and losses.  A wealthy country gets looted.  That's how the game is played.  

[RMolineaux]

In 200 BC, Rome was a republic, not an empire.  In 2015 AD, the US was an empire that claimed to be a republic,

[Elocutionist]

Actually, R, the U.S. is a democracy didn't you hear?

[Tall Tom]

Fine...It claims to be a Democracy when it is an Oligarchy and an empire.

But it certainly is no longer a Republic.

Tis most unfortunate that it is the reality.

[Elocutionist]

"1985 is the only period (during which) a 60bps decline in corporate profits didn't coincide with or predict a recession."

Really? Someone should inform the farm community of that misinformed fact. U.S. growers were thrown off their land; stood in shock at auctions of their equipment, livestock and grain stocks; and saw their livelihoods and way of life fall victim to the leverage encouraged by bankers, owing to the previous decade's record-high prices of grains.