The Pettiest Financial Crash In History

Liaquat Ahamed, Pulitzer-winning author of Lords of Finance, explains why the 1873 crash is the closest historical parallel to today's AI bubble. Mary Childs talks with economic historian Liaquat Ahamed about his new book, 1873, and the forgotten financial panic that reshaped the modern world. They cover the bubble that burst in Vienna, the railroad bankruptcy that echoes today's AI data center spending, and bimetallism, the gold and silver system whose collapse triggered decades of global deflation. They also get into the Rothschild family and the conspiracy theories that followed them, the political fallout that helped end Reconstruction, and what 1873 has in common with 2008. Liaquat Ahamed won the Pulitzer Prize for Lords of Finance: The Bankers Who Broke the World. His new book is 1873: The Rothschilds, the First Great Depression, and the Making of the Modern World. Chapters: 00:00 A Coping Mechanism, Not A Lesson 00:31 Meet The Crash Historian 01:00 Why Crises Fascinate Economic Historians 02:29 From Bond Trader To Author 04:16 Writing Lords Of Finance As Lehman Collapsed 06:14 Coasting After A Pulitzer 08:45 Anatomy Of The 1873 Crash 14:28 Bimetallism: The Hidden Mechanism 19:53 The Rothschilds And The Conspiracy Theories 26:29 Gold, Silver, And The Role Of Luck 27:49 Railroad Bubbles Always Repeat 29:07 Why 1873 Was Surprisingly Mild 33:19 Deflation, The Junkers, And The Road To 1914 34:38 From The Panic Of 1873 To Jim Crow 39:32 Is History Trying To Teach Us Anything? Follow Mary Childs on social media: X: https://x.com/mdc?lang=en Instagram: https://www.instagram.com/maryinameri... LinkedIn:   / marychilds   TikTok:   / maryinamerica   Follow our show: X: https://x.com/maryinamerica Instagram: https://www.instagram.com/maryinameri... DISCLAIMER: Mary's shoes are studio-only, have never touched pavement, and are certified couch-safe. #EconomicHistory #FinancialCrisis #AIBubble