The Great Depression was not limited to the US
The Great Depression was a catastrophic global event that saw millions of people slowly sliding into poverty. And this was only the start of other awful things that followed. It started in America, where men and women would have to stand in lines to buy bread and live in shantytowns. After that, it slowly spread outside the borders and became one of the most unbearable events. In Germany, for example, the devastation caused by this gave rise to the Third Reich, which led to the start of WWII.
The 1929 Stock Market Crash
The crash of the market in 1929 is usually used as the start date of the Great Depression in the US; it was the only cause of the disaster. The main cause of the Great Depression was specifically high unemployment. Unemployment increased after the 1929 crash, but it didn’t go into double digits; it peaked at 9%. By June 1930, it had actually started to improve, dropping to 6.3%.
The economy was pretty awful all around the world, especially in Europe, where they struggled to repay debts owed to America from World War I. And this was the cause of Germany’s Great Depression, which in 1922 was experiencing inflation, and its money became almost “useless.”
4 Responses
I remember my Grandmother saying that at times all they had was cornbread and syrup to eat. My Mother inlaw told about the kids going to neighbors to see if they had any leftovers to spare. I’m afraid with the cost of food going up this might happen again. Shame on the states who refuse to end food taxes.
Very interested article and facts.
Will be interested if possible in the future to be included in all your articles.
Thank you in advance.
Regards,
Martine
I enjoyed reading about what time were like in 30’s I remember my grandparents telling what it was like during those times Thanks
Very nicely done.