The Term “Black Friday”
- In 1869, two oligarchs conspired to corner the American gold market, which was at that time the basis for the U.S. dollar.
- Their plan was so complex and the plot finally unraveled on Friday, September 24, sending U.S. financial markets into a tailspin, ruining countless investors, and tanking the broader economy.
- That dark day came to be known as “Black Friday.”
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Black Friday has two relevant meanings
- In history, Black Friday was a stock market disaster that happened on September 24, 1869, when, after a period of uncontrolled speculation, the price of gold crashed, and the markets crashed.
- The contemporary meaning refers to the day after the U.S. Thanksg...
The real origin of Black Friday
- Before retail repackaged Black Friday, it had a more sinister meaning. The earliest use of the phrase Black Friday dates to 1869. It was the day gold prices plummeted and caused a market crash. The economic effects lasted for years.
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The economic significance of Black Friday
- The sales registered on Black Friday are frequently seen as a litmus test for the overall economic situation of the country and a way for economists to assess the confidence of the average American.
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