Great Depression/Timelines: Difference between revisions

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imported>Nick Gardner
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imported>Russell D. Jones
(Added changes and links; Most Importantly: Bank of United States defunct in 1836; Sparticus UK wrong on this point;)
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1918
1918
: Treaty of Versailles: war reparations [http://www.nationmaster.com/encyclopedia/World-War-I-reparations].
: Treaty of Versailles [http://www.nationmaster.com/encyclopedia/World-War-I-reparations].


1919-21
1919-21
Line 23: Line 23:
: USA:
: USA:
::  Post-war recession [http://findarticles.com/p/articles/mi_hb5814/is_n3_v29/ai_n28604039].
::  Post-war recession [http://findarticles.com/p/articles/mi_hb5814/is_n3_v29/ai_n28604039].
: Germany:
:: War reparations start.


1922:
1922:
:: Economic and Monetary Conference recommends return tonthe gold standard [http://www.cepr.org/meets/wkcn/1/1671/papers/The_Genoa_Conference_finale.pdf].
:: Economic and Monetary Conference recommends return tonthe gold standard [http://www.cepr.org/meets/wkcn/1/1671/papers/The_Genoa_Conference_finale.pdf].
:: Germany defaults on War Reparations


1923
1923
: Germany:
: Germany:
:: France and Belgium invade the Ruhr due to German default on war reparations; Germany declares general strike [http://www.bbc.co.uk/scotland/education/bitesize/standard/other/sos/history/people_and_power/answerpower_52.shtml].
:: Hyperinflation [http://www.usagold.com/germannightmare.html]
:: Hyperinflation [http://www.usagold.com/germannightmare.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].
:: A new currency (the Schacht Rentenmark) replaces the Reichsmark: price stability restored [http://www.econ.puc-rio.br/gfranco/Ch10.PDF].  
:: A new currency (the Schacht Rentenmark) replaces the Reichsmark: price stability restored [http://www.econ.puc-rio.br/gfranco/Ch10.PDF].  
1924
1924
: USA:
: USA:
Line 38: Line 42:
: Germany
: Germany
:: The Reichsmark replaces the Rentenmark and Germany rejoins the gold standard.
:: 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 [http://www.u-s-history.com/pages/h1371.html][http://www.state.gov/r/pa/ho/time/id/100933.htm].
:: [[Dawes Plan]] (for the rescheduling of reparations and the provision of loans from the US etc) agreed [http://www.u-s-history.com/pages/h1371.html][http://www.state.gov/r/pa/ho/time/id/100933.htm].


1925
1925
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: UK:
: UK:
:: General strike [http://www.spartacus.schoolnet.co.uk/TUgeneral.htm].  
:: General strike [http://www.spartacus.schoolnet.co.uk/TUgeneral.htm].  
: US:
:: Florida land boom ends due to hurricane.
 
1927
1927
USA:
: US:
:: 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].
Line 71: Line 77:
August
August
: USA:
: USA:
:: Start of a downturn in economic activity [http://nber15.nber.org/bookcv/INDICATORS%20OF%20BUSINESS%20EXPANSIONS%20AND%20CONTRACTIONS-MOORE_GEOFFREY-1967.CV.pdf]
:: Stock market peaks; start of a downturn in economic activity [http://nber15.nber.org/bookcv/INDICATORS%20OF%20BUSINESS%20EXPANSIONS%20AND%20CONTRACTIONS-MOORE_GEOFFREY-1967.CV.pdf]
:: Federal Reserve Bank raises discount rate to 6%.
:: Federal Reserve Bank raises discount rate to 6%.
:Germany:
: Germany:
:: Collapse of Frankfurter Allgemeine Verischerungs AG and runs on savings banks
:: Collapse of Frankfurter Allgemeine Verischerungs AG and runs on savings banks


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1930
1930
: USA:
: USA:
:: Failure of the Bank of 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].
:: Hawley-Smoot Tariff Act [http://law.justia.com/us/codes/title19/chapter4_.html][http://www.encyclopedia.com/doc/1E1-HawleySm.html]
:: Hawley-Smoot Tariff Act [http://law.justia.com/us/codes/title19/chapter4_.html][http://www.encyclopedia.com/doc/1E1-HawleySm.html]
:: 1,350 banks have closed.
:: 1,350 banks have closed.
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: Germany:
: Germany:
:: Banking crisis.  Runs on banks. Closure of Darmstädter bank. Bank holiday. Credit crunch.
:: 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 [http://www.u-s-history.com/pages/h1514.html].
:: President Herbert Hoover announces a one year moratorium on reparations and war debts-and the  provision of a $ 150 million credit to the Reichsbank [http://www.u-s-history.com/pages/h1514.html].
: France:
: France:
:: Failure of Banque Nationale de Crédit and bank runs.
:: Failure of Banque Nationale de Crédit and bank runs.
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1932
1932
: USA:
: US:
:: 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].


:Germany:
: Germany:
:: Lausanne Conference agrees to the suspension of reparations payments by Germany [http://www.associatedcontent.com/article/735145/the_lausanne_conference.html]
:: Lausanne Conference agrees to the suspension of reparations payments by Germany [http://www.associatedcontent.com/article/735145/the_lausanne_conference.html]


      
      
1933
1933
: USA:  
: US:  
::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.
::: President declares a banking holiday and temporarily closes all U.S. banks using the Emergency Banking Act 1933[http://www.fdic.gov/about/history/index.html].
::: President declares a banking holiday and temporarily closes all U.S. banks using the [[Emergency Banking Act]] 1933[http://www.fdic.gov/about/history/index.html].
:: Approximately 4,000 commercial banks fail.
:: Approximately 4,000 commercial banks fail.
:: 1,700 "Savings and Loans" fail
:: 1,700 "Savings and Loans" fail
:Germany
:: US abandons gold standard.
: Germany
:: Fall of the Weimar government: Hitler gains power.
:: Fall of the Weimar government: Hitler gains power.


1934
1934
: France:
: 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].
:: 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].


1936
1936

Revision as of 16:33, 2 February 2009

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A timeline (or several) relating to Great Depression.

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 tonthe gold standard [6].
Germany defaults on War Reparations

1923

Germany:
France and Belgium invade the Ruhr due to German default on war reparations; Germany declares general strike [7].
Hyperinflation [8]
A new currency (the Schacht Rentenmark) replaces the Reichsmark: price stability restored [9].

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

US:
Florida land boom [13].
UK:
Britain rejoins the gold standard.

1926

UK:
General strike [14].
US:
Florida land boom ends due to hurricane.

1927

US:
Long Island meeting of central bankers to discuss UK plea to help the £ by raising the US discount rate [15].
Federal Reserve Bank cuts its discount rate cut from 4% to 3.5% and makes large purchases US government securities [16].
Renewed economic upturn

1928

US:
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 [17]
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%

1930-33

USA:
The "Great Contraction"
Banking crises [18]
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:
Failure of some bank in United States [19].
Hawley-Smoot Tariff Act [20][21]
1,350 banks have closed.
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 [22]. Bank for International Settlements created.

1931

USA:
Banking crisis, with the failure of over 1800 banks.
UK:
Sterling (£) Crisis [23].
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 [24].
France:
Failure of Banque Nationale de Crédit and bank runs.
World:
Britain, Sweden and Japan leave the gold standard [25]

1932

US:
Chicago Banking Panic [26].
Revenue Act: income tax rates increased and allowances reduced [27].
Germany:
Lausanne Conference agrees to the suspension of reparations payments by Germany [28]


1933

US:
Trough of depression and start of recovery [29]
Franklin D. Roosevelt elected president.
President declares a banking holiday and temporarily closes all U.S. banks using the Emergency Banking Act 1933[30].
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

France:
Riots in the streets of Paris [31][32].

1936

France:
France leaves the gold standard.

1937

USA:
Recession of 1937