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October 29, 2008
SouthAmerica: Happy Birthday - A very special date for Wall Street: October 29, 1929
When the stock market collapsed on Wall Street on Tuesday, October 29, 1929, it sent financial markets worldwide into a tailspin with disastrous effects, and the Great Depression begins.
The German economy was especially vulnerable since it was built out of foreign capital, mostly loans from America and was very dependent on foreign trade. When those loans suddenly came due and when the world market for German exports dried up, the well oiled German industrial machine quickly ground to a halt.
As production levels fell, German workers were laid off. Along with this, banks failed throughout Germany. Savings accounts, the result of years of hard work, were instantly wiped out. Inflation soon followed making it hard for families to purchase expensive necessities with devalued money.
Overnight, the middle class standard of living so many German families enjoyed was ruined by events outside of Germany, beyond their control. The Great Depression began and they were cast into poverty and deep misery and began looking for a solution, any solution.
*****
Here is what happens if you up date the above historic facts to reflect todays' current events and new circumstances:
*****
When the stock market collapsed once again on Wall Street on Wednesday, October 29, 2008, it sent financial markets worldwide into a tailspin with disastrous effects, and the Great Depression begins.
The United States economy was especially vulnerable since it was built out of foreign capital, mostly loans from China and other foreign countries and was very dependent on foreign capital to stay afloat. When those loans suddenly came due and when the consumer credit market dried up, the well oiled American consumer machine quickly ground to a halt.
As consumer levels fell, American workers were laid off. Along with this, banks failed throughout the United States. Savings accounts, the result of years of hard work, were instantly wiped out. Inflation soon followed making it hard for families to purchase expensive necessities with devalued money.
Overnight, the middle class standard of living so many American families enjoyed was ruined by events created inside of the United States, but quickly become beyond their control. The Great Depression began and they were cast into poverty and deep misery and began looking for a solution, any solution.
As a last resort to lift its economy from total collapse and bankruptcy the United States were looking even to the prospect of starting a new major war such as World War III.
.
October 29, 2008
SouthAmerica: Happy Birthday - A very special date for Wall Street: October 29, 1929
When the stock market collapsed on Wall Street on Tuesday, October 29, 1929, it sent financial markets worldwide into a tailspin with disastrous effects, and the Great Depression begins.
The German economy was especially vulnerable since it was built out of foreign capital, mostly loans from America and was very dependent on foreign trade. When those loans suddenly came due and when the world market for German exports dried up, the well oiled German industrial machine quickly ground to a halt.
As production levels fell, German workers were laid off. Along with this, banks failed throughout Germany. Savings accounts, the result of years of hard work, were instantly wiped out. Inflation soon followed making it hard for families to purchase expensive necessities with devalued money.
Overnight, the middle class standard of living so many German families enjoyed was ruined by events outside of Germany, beyond their control. The Great Depression began and they were cast into poverty and deep misery and began looking for a solution, any solution.
*****
Here is what happens if you up date the above historic facts to reflect todays' current events and new circumstances:
*****
When the stock market collapsed once again on Wall Street on Wednesday, October 29, 2008, it sent financial markets worldwide into a tailspin with disastrous effects, and the Great Depression begins.
The United States economy was especially vulnerable since it was built out of foreign capital, mostly loans from China and other foreign countries and was very dependent on foreign capital to stay afloat. When those loans suddenly came due and when the consumer credit market dried up, the well oiled American consumer machine quickly ground to a halt.
As consumer levels fell, American workers were laid off. Along with this, banks failed throughout the United States. Savings accounts, the result of years of hard work, were instantly wiped out. Inflation soon followed making it hard for families to purchase expensive necessities with devalued money.
Overnight, the middle class standard of living so many American families enjoyed was ruined by events created inside of the United States, but quickly become beyond their control. The Great Depression began and they were cast into poverty and deep misery and began looking for a solution, any solution.
As a last resort to lift its economy from total collapse and bankruptcy the United States were looking even to the prospect of starting a new major war such as World War III.
.