How a stock market crash gave birth to modern antisemitism
Summary
Host Robin Wauters interviews historian Niall Ferguson about the 1873 financial crash in Germany and Austria. They discuss how the collapse of the "Gründerzeit" stock bubble fueled the rise of modern, racial anti-Semitism. Journalists exploited the crisis to blame Jewish bankers, coining the term "anti-Semitism" and spreading conspiracy theories that later influenced Adolf Hitler.
Topics discussed
Introduction: The 1873 crash and the birth of modern antisemitism
Ad break: Nuveen investment services
The Gründerzeit: The massive stock market boom in Germany and Austria
Bismarck, the Franco-Prussian War, and the unification of Germany
Gerson von Bleichröder: Bismarck's Jewish banker and the French indemnity
How war reparations fueled the speculative bubble and attracted Junkers
Warning signs: Fraud, margin trading, and the plateau of stock prices
The Crash of 1873: Black Friday in Vienna and the global ripple effect
Aftermath: Middle-class losses, fake suicides, and long-term deflation
Ad break: Nuveen credit platform
Scapegoating: Journalists blame Jewish brokers for the economic disaster
The coining of 'antisemitism' and the rise of conspiracy theories
Bismarck's political shift and his failure to protect Bleichröder
Legacy: How these ideas percolated into Hitler's worldview
Conclusion: Financial crises, societal fractures, and the search for scapegoats
Outro: Show notes, FT Weekend Festival promotion, and final ad
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