Siam had good reason to believe it would not be affected by the aftermath of Black Monday, at least not as hard as the rest of the world. The first few weeks in the region was marked by a relative stability compared to the world's financial markets, with the Tokyo and Hong Kong stock exchanges only offering relative declines compared to the plunge in Berlin. However, roughly three weeks since Black Monday in Europe; the panic that precipitated the collapse of the German economy had reached Siam.

As all of Siam slept, the economy that kept the nation together crumbled under their noses. On the night of February 23rd, Siamese bankers and brokers who were huddling by radios and listened as brokers scurried back and forth down the floors. "BUY! BUY!" "SELL, SELL!" The regular calls of the night were exchanged people pushing by each other, desperate to get their accounts and the clientele's accounts filled with sale orders while the numbers plummeted into single-digits. The early hours of the 24th would have been like the day before except for the throngs of foreign citizens and nobility crowding the banks - the first to be alerted. Queues were lined up out of the door, each eager to withdraw their banks clean while there was still money to be had. Within the hour, the urban elite took their spots, not wanting to miss out on their fair share.

By the time the rest of the country got wind of the imminent collapse of the Siamese economy, all banks in the Kingdom of Siam had already closed for the day, the poor and middle class of Siam unable to get a single baht of their hard earned savings. With the promise that banks would be open tomorrow, most of the population went home, unaware of the that the promises made by each bank were impossible to keep, the withdrawal of foreign investments from the country preventing the banks from selling their investments for cash.

On the morning of February 25th, all hell broke loose as the banks continued to remain closed, unable or unwilling to open to what will almost certainly be a hostile crowd. Upon the realization that they were lied to and that years of work and savings were surely gone, Bangkok quickly descended into madness as the assembled crowds quickly began to riot, trashing the banks before spreading out across the capital. While the King's Guard and the King's Hussars, reinforced by Korngpon Navikkayothin Thi 1 and the Royal Siamese Fleet were able to contain and disperse the rioters, the underlying economic issues lie under the surface and it is yet to be seen if the government is willing or even able to resolve these issues through governmental intervention.

KIA: 102 rioters, 5 policemen, 1 soldier WIA: 427 rioters, 24 policemen, 14 soldiers