From "The Story of Money": How a stock market crash gave birth to modern antisemitism
Summary
Host Robert Peston and author Liaquat Ahamed discuss how the 1873 stock market crash in Germany and Austria fueled the rise of modern anti-Semitism. They explore how opportunistic journalists exploited the economic crisis to blame Jewish bankers, coining the term "anti-Semitism" and spreading conspiracy theories. The episode examines the political maneuvering of Otto von Bismarck and the tragic long-term consequences that paved the way for future genocide.
Topics discussed
Introduction: The 1873 crash and the birth of modern anti-Semitism
The Gründerzeit: The massive stock market boom in Germany and Austria
Bismarck, the Franco-Prussian War, and the French indemnity
Gerson von Bleichröder: Bismarck's Jewish banker and the reparations sum
How war reparations fueled the speculative bubble and middle-class investing
Warning signs: Fraud, margin trading, and the plateau of stock prices
The Crash of 1873: Vienna World Fair, Black Friday, and global contagion
Aftermath: Middle-class ruin, fake suicides, and long-term deflation
Scapegoating: Journalists blame Jewish stockbrokers for the economic disaster
The coining of 'Anti-Semitism' and conspiracy theories of Jewish control
Bismarck's political shift: Abandoning liberals for conservative anti-Semites
Legacy: The rise of Hitler, Bismarck's resignation, and Bleichröder's isolation
Conclusion: Financial crises, societal fractures, and the search for scapegoats
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