Great Depression/Timelines: Difference between revisions
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1923 | 1923 | ||
: Germany: Hyperinflation [http://www.pbs.org/wgbh/commandingheights/shared/minitext/ess_germanhyperinflation.html]. | : Germany: Hyperinflation [http://www.pbs.org/wgbh/commandingheights/shared/minitext/ess_germanhyperinflation.html]. | ||
:France and Belgium invade the Ruhr [http://www.bbc.co.uk/scotland/education/bitesize/standard/other/sos/history/people_and_power/answerpower_52.shtml]. | |||
1924 | 1924 | ||
: USA: Start of 1924-26 upturn [http://nber15.nber.org/bookcv/INDICATORS%20OF%20BUSINESS%20EXPANSIONS%20AND%20CONTRACTIONS-MOORE_GEOFFREY-1967.CV.pdf] | : USA: Start of 1924-26 upturn [http://nber15.nber.org/bookcv/INDICATORS%20OF%20BUSINESS%20EXPANSIONS%20AND%20CONTRACTIONS-MOORE_GEOFFREY-1967.CV.pdf] | ||
: Dawes Plan for German reparations payments [http://www.u-s-history.com/pages/h1371.html]. | |||
1925 | 1925 | ||
| Line 91: | Line 93: | ||
:: Social Security Act: unemployment compensation introduced [http://www.treasury.gov/education/fact-sheets/taxes/ustax.shtml]. | :: Social Security Act: unemployment compensation introduced [http://www.treasury.gov/education/fact-sheets/taxes/ustax.shtml]. | ||
:: GNP rises 7.7 percent, and unemployment falls to 21.7 percent. | :: GNP rises 7.7 percent, and unemployment falls to 21.7 percent. | ||
: France: | |||
::Riots in the streets of Paris [http://fh.oxfordjournals.org/cgi/content/abstract/20/3/333][https://www.thoughtequity.com/video/clip/49301053_016.do] | |||
1935 | 1935 | ||
Revision as of 05:39, 25 January 2009
1850-1918
- 11 US recessions [1] including the panic of 1893
1914-18
- First World War
1918
- Treaty of Versailles: war reparations [2].
1919-21
- UK: Post-war recession [3].
1921-23
- USA: post-war recession [4].
1923
1924
1925
- UK: Britain rejoins the gold standard.
1926
- UK: General strike [9].
1927
- US/UK/France Long Island meeting of central bankers to discuss UK plea to help the £ by raising the US discount rate [10].
- USA: Federal Reserve Bank cuts its discount rate cut from 4% to 3.5% and makes large purchases US government securities [11].
- Renewed economic upturn
1928
- US Federal Reserve Bank raises its discount rate to 5%
1929
February
- UK: Bank of England raises the bank rate fron 4.5% to 5.5%
August
- USA: Start of a downturn in economic activity [12]
- Federal Reserve Bank raises discount rate to 6%
October
- USA: The stock market crash of 1929.
- 24 Black Thursday DJIA falls by 13%
- 28 Black Monday DJIA falls by 12.8%
- 29 Black Tuesday DJIA falls by 11.7%
1930-33
- USA: The "Great Contraction"
- 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:
1931
- USA: banking crisis, with the failure of over 1800 banks.
- UK: Sterling (£) Crisis [16].
- World: Britain, Sweden and Japan leave the gold standard [17]
1932
- USA:
- Chicago Banking Panic [18].
- Revenue Act: income tax rates increased and allowances reduced [19].
- Reconstruction Finance Corporation [20] created
- Federal Home Loan Act [21]
- Recorded unemployment reaches 25 percent.
1933
- USA: Trough of depression and start of recovery [22]
- Franklin D. Roosevelt elected president.
- President declares a banking holiday and temporarily closes all U.S. banks using the Emergency Banking Act 1933[23].
- The National Recovery Administration and the Public Works Administration created by the National Recovery Act 1933 [24]
- Federal Deposit Insurance Corporation [25] created
- Federal Emergency Relief Administration [26] created
- Money supply is 40 percent lower than 1929.
- Approximately 4,000 commercial banks fail.
- 1,700 S&Ls fail
- Franklin D. Roosevelt elected president.
1934
- USA:
- Social Security Act: unemployment compensation introduced [27].
- GNP rises 7.7 percent, and unemployment falls to 21.7 percent.
- France:
1935
- USA:
- GNP grows another 8.1 percent, and unemployment falls to 20.1 percent.
1936
1937
- USA: Recession of 1937 [30]: industrial production down 40 percent; unemployment rises by 4 million; stock market drops by 48 percent.
1938
- USA: Start of upturn