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The causes of the Great Depression included the stock market crash of 1929, bank failures, and a drought that lasted throughout the 1930s. During this time, the nation faced high unemployment, people lost their homes and possessions, and nearly half of American banks closed.
The Great Depression was the worst economic downturn in the history of the industrialized world, lasting from 1929 to 1939. By 1933, when the Great Depression reached its lowest point, some 15 million Americans were unemployed and nearly half the country’s banks had failed.
Debt, poverty. STOCK MARKET CRASH: Stock markets around the world crashed on October 29, 1929 (this day is known as “Black Tuesday”). Massive stock sell off, banks called in loans, people withdrew all their money from banks, bank failures (mostly in the USA), people lost life savings. Unemployment, poverty.
Led by Walter Waters of Oregon, the so-called Bonus Expeditionary Force set out for the nation’s capital. Hitching rides, hopping trains, and hiking finally brought the Bonus Army, now 15,000 strong, into the capital in June 1932.
In an effort to force early lump-sum payment of these urgently needed benefits, the Bonus Army, sometimes called the “Bonus Expeditionary Force,” converged on the nation’s capital in the spring of 1932; they moved into abandoned shacks below the Capitol and set up shanties and tents along the Anacostia River.
One of the exceptions was the Bonus army in March of 1932. After victory in World War I, the US government promised in 1924 that servicemen would receive a bonus for their service, in 1945.
A crowd of investors gather outside the New York Stock Exchange on “Black Tuesday”—October 29, when the stock market plummeted and the U.S. plunged into the Great Depression. On October 29, 1929, the United States stock market crashed in an event known as Black Tuesday. Investors borrowed money to buy more stocks.
The country’s most vulnerable populations, such as children, the elderly, and those subject to discrimination, like African Americans, were the hardest hit. Most white Americans felt entitled to what few jobs were available, leaving African Americans unable to find work, even in the jobs once considered their domain.
The advantages of the gold standard are that (1) it limits the power of governments or banks to cause price inflation by excessive issue of paper currency, although there is evidence that even before World War I monetary authorities did not contract the supply of money when the country incurred a gold outflow, and (2) …
Summary & Conclusion. The US, whether its currency loses its status as the global reserve currency of choice or not, will not be going back to the gold standard. Buy gold & silver bullion, but the GXC ETF, buy a mining stock like Newmont, or buy a gold miners fund like FSAGX.