Great Depression 6

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and with all the new inventions life would become pure joy and happiness. Sales, profits and wages went through the roof.
The acute phase of the Great Depression began in October 1929, on "the Black Friday", with the Wall Street Crash and continued through the early 1930s. The stock marked crash was not the cause of the depression, but a symptom of a problem whose real causes lay much deeper. Some of them even so fare away from Wall Street, as the farmers of eastern Europe, After share prices plunged on Wall Street in 1929 the US banks began to call in their foreign loans. They had also loaned money to many people who as a result of the Crash could not repay it. Meanwhile, those who had money on deposit at the bank began to withdraw it. Without enough money to pay depositors, many banks collapsed. A shortage of cash meant that there was less money to invest in industry and less money to be spent on industrial and farm products. Many banks had to close down, and were the mere ...

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