Financial Crisis of 2029-2030

The Financial Crisis of 2029-2030, also known as the 2030 Recession and the New Depression, was one of the worse financial crisis's the world has seen, some say it was worse than the Great Depression of 1929.

The crash started with a 4,000 point drop in the Dow Jones Industrial Average on March 12, 2029, the largest drop in history to date. Experts have said the cause of the crash was due a drop in Chinese markets (due to a government purge and increased mortgage rates), lack of investor confidence, the Housing Crash of 2029, and the iPhone Z scandal. The Cryptocurrency Crash of 2028 also helped to decrease market confidence.

Immediate Effects
The GDP in western countries began to fall, and economic growth in many nations staggered. Markets in Shanghai were hit particularly hard, and protests against the Chinese government began. Eventually, this lead to the 2030 Chinese Revolution and the Second Chinese Civil War, both of which caused already fragile international markets to fall.

Apple stock fell the fastest due to the iPhone Z scandal, and with Republican Ben Sasse as president, who promoted fiscal responsibility, many banks were not bailed by the government. In total, between March to August 2029, the Dow Jones Industrial Average fell nearly 10,000 points, with a slight rise from May 7-May 12.

Long-Lasting Effects
The Recession was one of the worst in history, with many comparing it to the Great Depression, and some consider it to be worse. Riots in Washington D.C over rising food prices, higher taxes, loss of food subsidiaries and the loss of some essential services turned violent, and began the Second American Civil War and the Great American Reforms.

Migrants from the Middle East, North Africa, and beyond scrambled into a fragile Europe, leading to the breakup of the European Union for nations to pursue their own self-interests and the interests of their citizens, which ironically made the Recession even worse, and some historians even say this financial crisis led to the start of the Second Dark Ages.