Kuwait's Debt Crisis Echoes 1929 Crash as Investors Recall 'Black Thursday' Panic
KUWAIT CITY — In a striking financial déjà vu, today’s market turmoil in Kuwait has drawn direct comparisons to the infamous 1929 Wall Street Crash. As the Kuwaiti bourse plummeted over 8% in early trading, veteran traders noted chilling similarities to the Black Thursday panics, when margin calls and bank failures triggered a global depression. "We’re watching a replay of 1929, but in the Gulf," said analyst Omar Al-Farsi, as the country’s sovereign wealth fund scrambled to stabilize the dinar. The drop, fueled by oil price volatility and regional tensions, has investors recalling how a single market crash in New York once brought the world to its knees—with Kuwait now starring as the flashpoint.