Niall Ferguson's book, "The Ascent of Money: A Financial History of the World," examines the evolution and impact of financial systems throughout history. In one critical analysis, he highlights how the closure of the stock market, combined with government actions to inject liquidity, played a crucial role in preventing a potential disaster in financial markets. This intervention was key to avoiding a widespread panic that could have led to a significant decline in asset values.

Ferguson's insights underscore the importance of effective policy responses during times of financial crisis. By pausing trading and ensuring the availability of funds, authorities were able to stabilize the situation and maintain confidence in the financial system. Such measures were vital in circumventing what could have escalated into severe economic turmoil caused by a rapid sell-off of assets.