Great Depression/Timelines: Difference between revisions
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:: 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 | ||
Revision as of 11:05, 27 February 2009
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 fron 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
- 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]. Bank for International Settlements created.
- 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: