Today we started off by talking about the need for snacks in this class, then we segued into a conversaion about the Pope's secret tunnel from the Vatican to D.C.
Then we got down to business.
David told us that into the 30's, about 9,000 to 11,000 banks failed, because corncerned people attempted to withdraw money that the banks weren't carrying. Therefore, the banks closed and American's entire life savings were lost.
He then talked about the Hawly-Smoot Tariff, which raised the tariff and discouraged forgein trade. This was an attempt to save the American businesses, by making only American goods availible.
This actually hurt the economy, by preventing a cash flow from exports, because the high tariff stopped other countries from wanting, or being able, to buy American exports.
Then, similarly, Megan talked about the effect the stock market had on other countries.
First, European countries were not doing near as well as the U.S. in the 20's. They were torn apart by the war, struggling because of war debts and the task of rebuilding. This was added to by the lack American exports, sending Europe into a depression comprable to America's.
Mr. Bruns then said the the great depression had a part in the beginning of WWII. He also touched on how Stalin was crazy, and extremely paranoid. He killed 10 million people the moment he came into power, so no one would oppose him. I don't think he was hugged enough as a child.
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