The Market Crash’s effects spread, first to trade, and soon after to politics. And then things got worse. August was the hottest month on record in most of Europe and North America. Energy demand soared, brownouts became common, and tempers flared. Racial and ethnic tensions also soared; many in Europe blamed Muslim nations for the crash that was costing so many jobs. Savage and sustained riots broke out in England, Germany and France. Governments realized that their only hope of maintaining their hold on power was to follow the public demand for anti-immigrant measures.

Yet there were many other targets of popular rage and resentment. The institutions associated with global trade, internationalism and finance were the target of increasingly ugly demonstrations, protests that built upon widespread support. Well-directed riots ripped the headquarters of multi-national corporations and institutions into burnt out shells. Banks were particularly targeted for the attacks.