Great Depression/Timelines: Difference between revisions
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1922: | 1922: | ||
:: Economic and Monetary Conference recommends return | :: Economic and Monetary Conference recommends return to the gold standard [http://www.cepr.org/meets/wkcn/1/1671/papers/The_Genoa_Conference_finale.pdf]. | ||
:: Germany defaults on War Reparations | :: Germany defaults on War Reparations | ||
Line 45: | Line 45: | ||
1925 | 1925 | ||
: | : USA: | ||
::Florida land boom [http://fcit.usf.edu/florida/lessons/ld_boom/ld_boom1.htm]. | ::Florida land boom [http://fcit.usf.edu/florida/lessons/ld_boom/ld_boom1.htm]. | ||
: UK: | : UK: | ||
Line 53: | Line 53: | ||
: UK: | : UK: | ||
:: General strike [http://www.spartacus.schoolnet.co.uk/TUgeneral.htm]. | :: General strike [http://www.spartacus.schoolnet.co.uk/TUgeneral.htm]. | ||
: | : USA: | ||
:: Florida land boom ends due to hurricane. | :: Florida land boom ends due to hurricane. | ||
: Germany | |||
:: Reichsbank acts to restrain stock exchange speculation | |||
1927 | 1927 | ||
: | : USA: | ||
:: Long Island meeting of central bankers to discuss UK plea to help the £ by raising the US discount rate [http://www.time.com/time/magazine/article/0,9171,929331,00.html]. | :: Long Island meeting of central bankers to discuss UK plea to help the £ by raising the US discount rate [http://www.time.com/time/magazine/article/0,9171,929331,00.html]. | ||
:: Federal Reserve Bank cuts its discount rate cut from 4% to 3.5% and makes large purchases US government securities [http://fraser.stlouisfed.org/docs/meltzer/bogsub050927.pdf]. | :: Federal Reserve Bank cuts its discount rate cut from 4% to 3.5% and makes large purchases US government securities [http://fraser.stlouisfed.org/docs/meltzer/bogsub050927.pdf]. | ||
:: Renewed economic upturn | :: Renewed economic upturn | ||
: Germany | |||
:: Stock market crash[http://www.time.com/time/magazine/article/0,9171,730566,00.html?promoid=googlep]. Outflow of short-term capital. Discount rate increase. | |||
1928 | 1928 | ||
: | : USA: | ||
:: Federal Reserve Bank raises its discount rate to 5%. | :: Federal Reserve Bank raises its discount rate to 5%. | ||
: France | : France | ||
Line 73: | Line 77: | ||
February | February | ||
: UK | : UK | ||
::Bank of England raises the bank rate | ::Bank of England raises the bank rate from 4.5% to 5.5% | ||
August | August | ||
Line 96: | Line 100: | ||
1930 | 1930 | ||
:World | |||
::[[Bank for International Settlements]] created. | |||
: USA: | : USA: | ||
:: Failure of some bank in United States [http://www.spartacus.schoolnet.co.uk/USACbank.htm]. | :: Failure of some bank in United States [http://www.spartacus.schoolnet.co.uk/USACbank.htm]. | ||
Line 104: | Line 110: | ||
: Germany | : Germany | ||
:: 2nd reparations conference at The Hague. | :: 2nd reparations conference at The Hague. | ||
:::Young Plan (further rescheduling reparations payments but giving priority to the repayment of debts to the United States) agreed [http://www.bartleby.com/65/yo/YoungPla.html]. | :::Young Plan (further rescheduling reparations payments but giving priority to the repayment of debts to the United States) agreed [http://www.bartleby.com/65/yo/YoungPla.html]. | ||
1931 | 1931 | ||
: USA: | : USA: | ||
:: Banking crisis, with the failure of over 1800 banks. | :: Banking crisis, with the failure of over 1800 banks. | ||
:: Federal Reserve raises rediscount rates | |||
: UK: | : UK: | ||
:: Sterling (£) Crisis [http://www.nber.org/papers/w6563]. | :: Sterling (£) Crisis [http://www.nber.org/papers/w6563]. | ||
Line 122: | Line 128: | ||
1932 | 1932 | ||
: | : USA: | ||
:: Chicago Banking Panic [http://www.nber.org/papers/w4934]. | :: Chicago Banking Panic [http://www.nber.org/papers/w4934]. | ||
:: Revenue Act: income tax rates increased and allowances reduced [http://www.treasury.gov/education/fact-sheets/taxes/ustax.shtml]. | :: Revenue Act: income tax rates increased and allowances reduced [http://www.treasury.gov/education/fact-sheets/taxes/ustax.shtml]. | ||
Line 131: | Line 137: | ||
1933 | 1933 | ||
:: World Economic Conference: US vetoes international currency stabilisation [http:// | :: World Economic Conference: US vetoes international currency stabilisation [http://news.bbc.co.uk/2/hi/business/7954532.stm]. | ||
:USA: | |||
::Trough of depression and start of recovery [http://nber15.nber.org/bookcv/INDICATORS%20OF%20BUSINESS%20EXPANSIONS%20AND%20CONTRACTIONS-MOORE_GEOFFREY-1967.CV.pdf] | ::Trough of depression and start of recovery [http://nber15.nber.org/bookcv/INDICATORS%20OF%20BUSINESS%20EXPANSIONS%20AND%20CONTRACTIONS-MOORE_GEOFFREY-1967.CV.pdf] | ||
:: Franklin D. Roosevelt elected president. | :: Franklin D. Roosevelt elected president. |
Latest revision as of 00:35, 22 April 2014
World Timeline
- (For USA only timeline, see [[1]])
1850-1918
- 11 US recessions [2] including the panic of 1893
1914-18
- First World War
- General suspension of the gold standard.
1918
- Treaty of Versailles [3].
1919-21
- UK:
- Post-war recession [4].
1921-23
- USA:
- Post-war recession [5].
- Germany:
- War reparations start.
1922:
- Economic and Monetary Conference recommends return to the gold standard [6].
- Germany defaults on War Reparations
1923
- Germany:
1924
- USA:
- Fed eases monetary policy.
- Start of 1924-26 upturn [10]
- Germany
- The Reichsmark replaces the Rentenmark and Germany rejoins the gold standard.
- Dawes Plan (for the rescheduling of reparations and the provision of loans from the US etc) agreed [11][12].
1925
- USA:
- Florida land boom [13].
- UK:
- Britain rejoins the gold standard.
1926
- UK:
- General strike [14].
- USA:
- Florida land boom ends due to hurricane.
- Germany
- Reichsbank acts to restrain stock exchange speculation
1927
- USA:
- Germany
- Stock market crash[17]. Outflow of short-term capital. Discount rate increase.
1928
- USA:
- Federal Reserve Bank raises its discount rate to 5%.
- France
- France returns to the gold standard.
1929
February
- UK
- Bank of England raises the bank rate from 4.5% to 5.5%
August
- USA:
- Stock market peaks; start of a downturn in economic activity [18]
- Federal Reserve Bank raises discount rate to 6%.
- Germany:
- Collapse of Frankfurter Allgemeine Verischerungs AG and runs on savings banks
October
- USA:
- The stock market crash of 1929.
- 24 October: Black Thursday DJIA falls by 13%
- 28 October: Black Monday DJIA falls by 12.8%
- 29 October: Black Tuesday DJIA falls by 11.7%
- The stock market crash of 1929.
1930-33
- USA:
- The "Great Contraction"
- Banking crises [19]
- Three waves of panic create a progressive collapse of the United States banking system, with the failure of nearly half of the banks and heavy. losses by the others.
1930
- World
- Bank for International Settlements created.
- USA:
- France:
- Failure of Banque Adam and the Oustric Group.
- Germany
- 2nd reparations conference at The Hague.
- Young Plan (further rescheduling reparations payments but giving priority to the repayment of debts to the United States) agreed [23].
- 2nd reparations conference at The Hague.
1931
- USA:
- Banking crisis, with the failure of over 1800 banks.
- Federal Reserve raises rediscount rates
- UK:
- Sterling (£) Crisis [24].
- Austria:
- Failure of Creditanstalt
- Germany:
- Banking crisis. Runs on banks. Closure of Darmstädter bank. Bank holiday. Credit crunch.
- President Herbert Hoover announces a one year moratorium on reparations and war debts-and the provision of a $ 150 million credit to the Reichsbank [25].
- France:
- Failure of Banque Nationale de Crédit and bank runs.
- World:
- Britain, Sweden and Japan leave the gold standard [26]
1932
- USA:
- Germany:
- Lausanne Conference agrees to the suspension of reparations payments by Germany [29]
1933
- World Economic Conference: US vetoes international currency stabilisation [30].
- USA:
- Trough of depression and start of recovery [31]
- Franklin D. Roosevelt elected president.
- President declares a banking holiday and temporarily closes all U.S. banks using the Emergency Banking Act 1933[32].
- Approximately 4,000 commercial banks fail.
- 1,700 "Savings and Loans" fail
- US abandons gold standard.
- Germany
- Fall of the Weimar government: Hitler gains power.
1934
1936
- France:
- France leaves the gold standard.
1937
- USA: