CLOSE
Original image

The Panic of 1873

Original image

The Panic of 1873 marked the beginning of The Long Depression. Although most of us today think of The Great Depression as the canonical American Depression, The Long Depression was a big deal in its own right, and has worldwide effects. It lasted twenty-three years, and according to Wikipedia, "The primary cause of the depression was a shortage of available money to facilitate trade." Sound familiar?
Today New York Times writer Jennifer 8. Lee (yes, her middle initial is a number) looks at the circumstances leading up to the Panic of 1873 and the following depression. It's great reading, and particularly instructive in today's situation. Here's a tidbit:

While the 1929 stock market collapse is widely perceived by economists to have played a role in the economic contraction, the stock market collapse in 1873 — much like the one now — came after a building boom created by easily obtainable mortgages and an ensuing banking crisis, said Prof. Scott Reynolds Nelson, whose piece in The Chronicle of Higher Education has been widely translated into Korean, Spanish, Italian and Russian (and noted in our sister blog, Economix).

"Most people don't know a lot about it, but people who do know a lot about it are really creeped out," Professor Nelson said of the 1873 crisis, which resulted in a near total collapse of the financial system.

Read the rest for a great overview (including tons of primary sources) of a financial crisis most of us have never heard of.

(Via Waxy.org.)

Original image
iStock
arrow
Animals
Watch a Rogue Pet Dog Interrupt a Russian News Anchor on Air
Original image
iStock

Last week, a Russian news broadcast briefly went to the dogs after its host was startled by a surprise co-anchor: a friendly black canine that wandered on set, announced its presence with a loud bark, and climbed onto her desk.

 

As TODAY reports, Mir24 TV anchor Ilona Linarte went off script for a few minutes, telling viewers "I've got a dog here. What is this dog doing in the studio?" After the initial shock wore off, she gave her furry guest a tepid welcome, patting its head as she gently pushed it off the desk. ("I actually prefer cats,'' Linarte remarked. "I'm a cat lady.")

Linarte’s query was answered when the TV station announced that the dog had accompanied another show’s guest on set, and somehow got loose. That said, rogue animals have a proud tradition of crashing live news broadcasts around the world, so we’re assuming this won’t be the last time a news anchor is upstaged by an adorable guest star (some of which have better hair than them).

[h/t TODAY]

Original image
Falcon Heavy and Dragon. Image credit: SpaceX via Wikimedia Commons // CC0 1.0
SpaceX Is Sending Two Private Citizens Around the Moon
Original image
Falcon Heavy and Dragon. Image credit: SpaceX via Wikimedia Commons // CC0 1.0

Two members of the public are set to take an historic trip around the Moon, according to an announcement from SpaceX CEO Elon Musk. As The Verge reports, the anonymous private citizens have already placed substantial deposits on the commercial space flight.

The private spacecraft company SpaceX revealed on Monday that the Falcon Heavy rocket will be launching with its Crew Dragon spacecraft in late 2018. The mission will consist of a circumnavigation of the Moon, passing over the body’s surface before traveling farther into space and returning to Earth. In total, the trip will cover 300,000 to 400,000 miles and take a week to complete.

A noteworthy part of the plan is the human cargo that will be on board. Instead of professional astronauts, the craft will carry two paying customers into space. The passengers, who’ve yet to be named, will both need to pass several fitness tests before they're permitted to make the journey. According to The Verge, Musk said the customers are “very serious” and that the cost of the trip is “comparable” to that of a crewed mission to the International Space Station. The goal for SpaceX is to eventually send one or two commercial flights into space each year, which could account for 10 to 20 percent of the company’s earnings.

[h/t The Verge]

SECTIONS

arrow
LIVE SMARTER
More from mental floss studios