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Events on Monday 24 August 1857 1
1857Panic of 1857Global financial crisis triggered by a US bank failureThe failure of the Ohio Life Insurance and Trust Company in August 1857 set off a financial panic that spread through the United States and across the Atlantic to Britain and continental Europe. Railroad overexpansion and falling grain prices had left banks overextended, and the ensuing credit collapse caused widespread bankruptcies and unemployment. It is considered the first worldwide economic crisis.