From the Hoover Digest….

Perhaps the most remarkable feature of the crisis of 1914 was the closure of the world’s major stock markets for up to five months. The Vienna market was the first to close, on July 27. By July 30 all the continental European exchanges had shut their doors. The next day, London and New York felt compelled to follow suit. Although a belated settlement day went smoothly on November 18, the London Stock Exchange did not reopen until January 4. Nothing like this had happened since its foundation in 1773. The New York market reopened for limited trading (bonds for cash only) on November 28, but unrestricted trading did not resume until April 1, 1915. Nor were stock markets the only ones to close in the crisis. Most U.S. commodity markets had to suspend trading, as did most European foreign-exchange markets. The London Royal Exchange, for example, remained closed until September 17. It seems likely that, had the markets not closed, the collapse in prices would have been as extreme as it would be in 1929, if not worse.

(h/t the Belmont Club)

From Vox….

For the fifth year in a row, emigration from the Netherlands exceeded immigration last year, reaching 123,000 emigrants, which amounts to 7.5 emigrants per 1000 inhabitants. Dutch media has repeatedly reported this phenomenon because it caught demographic forecasters by surprise. The last emigration wave occurred fifty years ago, and at present the Netherlands is the only Western European country experiencing net emigration, although similar trends are visible in the UK (Salt and Rees, 2006) and to lesser extent in Germany.

According to Baron Bodissey, a comparable outflow in the US would be 2.3 million people leaving the country. Most of these emigrants are moving to other places in Europe so some might argue that this not really a problem for Europe as a whole. But this attitude overlooks the real problem.

There seems a growing trend in Europe of the professional classes feeling little attachment to their native soil. Thus, they are more and more willing to uproot and go to where they think they can get a better deal. In the long run this is going to make it even harder to sustain Europe’s social model. It is hard to tax the better off to support the less well off if better off are willing to leave.