How a stock market crash gave birth to modern antisemitism

股市崩盘如何催生了现代反犹太主义

Behind the Money

2026-08-12

50 分钟
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The 1873 Gründerkrach, the spectacular stock market crash that followed Germany’s unification, is one of history’s great financial maelstroms. But its most enduring legacy isn’t about money. Host Robin Wigglesworth speaks to Pulitzer Prize-winning author Liaquat Ahamed about how the resulting economic malaise fuelled social division and transformed old prejudices into antisemitic conspiracy. It gave birth to ideas that would resurface with catastrophic consequences decades later in the 20th century. Further reading: 1873: The Rothschilds, the First Great Depression, and the Making of the Modern World (2026), by Liaquat Ahamed  Gold and Iron: Bismarck, Bleichröder, and the Building of the German Empire (1977), by Fritz Stern Credits: Getty Images, Alamy Love listening to The Story of Money? Join Robin and Gillian on Saturday September 5 at Kenwood House Gardens in London, or online as the FT Weekend paper comes to life. Register now at ft.com/festival and enjoy 10% off with code FTPodcast.  To enjoy future episodes, be sure to subscribe to The Story of Money wherever you get your podcasts, also on the show's dedicated YouTube channel here: https://www.youtube.com/@FTTheStoryOfMoney  Hosts: Gillian Tett and Robin Wigglesworth Senior producers: Michela Tindera and Laurence Knight  Executive producer: Manuela Saragosa Original music and sound design: Breen Turner Broadcast engineers: Bianca Wakeman and Petros Gioumpasis Podcast development: Laura Clarke FT global head of audio: Flo Phillips  Video editors: Josh Divney and Kristen Kenyon at Podcast Discovery Learn more at www.ft.com/tsom or get in touch at thestoryofmoney@ft.com Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.
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  • This was the first time that we get this notion

  • that Jewish people are operating some kind of secret financial cabal and using that to control the world.

  • Why do you think these journalists and these youngsters did this?

  • I mean, was it just to have a scapegoat?

  • They were trying to make a name for themselves.

  • That was certainly the case of Bill Elmar.

  • He had tried all sorts of...

  • Ways to make a reputation this was just the last of his ventures

  • oddly enough he didn't actually believe what he was writing he had been married

  • four times three of his wives had been jewish today on the story of money a financial crash that mutates

  • into pure political poison And sure, yes, every financial crash leaves people poorer,

  • but some leave something far more dangerous behind.

  • And in this case, it ultimately arguably paved the way to genocide.

  • So Gillian is away this week.

  • But to tell today's story, I'm joined by Ljakit Ahmed.

  • He's the author of Laws of Finance, one of my favorite books on financial history,

  • and now 1873, which covers the numerous financial crises that happened around the world in that fateful year.

  • Thanks so much for being here.

  • This is a real pleasure.

  • Thanks for having me, Robin.