Great Depression/Timelines: Difference between revisions

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1920-28
'''World Timeline'''
:''(For USA only timeline, see [[http://en.citizendium.org/wiki/Great_Depression_in_the_United_States/Timelines]])''






1929
1850-1918
:11 US recessions [http://www.nber.org/cycles/] including the [[panic of 1893]]
 
1914-18
: First World War
:: General suspension of the gold standard.
 
1918
: Treaty of Versailles [http://www.nationmaster.com/encyclopedia/World-War-I-reparations].
 
1919-21
: UK:
:: Post-war recession [http://www.econ.berkeley.edu/~eichengr/research/floudjohnsonchaptersep16-03.pdf].
 
1921-23
: USA:
::  Post-war recession [http://findarticles.com/p/articles/mi_hb5814/is_n3_v29/ai_n28604039].
: Germany:
:: War reparations start.
 
1922:
:: Economic and Monetary Conference recommends return  to the gold standard [http://www.cepr.org/meets/wkcn/1/1671/papers/The_Genoa_Conference_finale.pdf].
:: Germany defaults on War Reparations
 
1923
: 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]
:: A new currency (the Schacht Rentenmark) replaces the Reichsmark: price stability restored [http://www.econ.puc-rio.br/gfranco/Ch10.PDF].


1924
: USA:
:: Fed eases monetary policy.
:: Start of 1924-26 upturn [http://nber15.nber.org/bookcv/INDICATORS%20OF%20BUSINESS%20EXPANSIONS%20AND%20CONTRACTIONS-MOORE_GEOFFREY-1967.CV.pdf]
: 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 [http://www.u-s-history.com/pages/h1371.html][http://www.state.gov/r/pa/ho/time/id/100933.htm].


1930
1925
: USA:
::Florida land boom [http://fcit.usf.edu/florida/lessons/ld_boom/ld_boom1.htm].
: UK:
:: Britain rejoins the gold standard.


1926
: UK:
:: General strike [http://www.spartacus.schoolnet.co.uk/TUgeneral.htm].
: USA:
:: Florida land boom ends due to hurricane.
: Germany
:: Reichsbank acts to restrain stock exchange speculation


1931
1927
: USA:
:: 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].
:: Renewed economic upturn
: Germany
:: Stock market crash[http://www.time.com/time/magazine/article/0,9171,730566,00.html?promoid=googlep]. Outflow of short-term capital. Discount rate increase.


1928
: USA:
:: Federal Reserve Bank raises its discount rate to 5%.
: France
::: France returns to the gold standard.


 
1929


1932
February
:Unemployment is 25 percent.
: UK
:National income is 50 percent below that of 1929.
::Bank of England raises the bank rate from 4.5% to 5.5%
:Stock market is 75 percent below its 1929 high.
:Bank runs and closings are common
1933
:Franklin  D. Roosevelt becomes president.
:President declares a banking holiday and temporarily closes all U.S. banks.
:Money supply is 40 percent lower than 1929.
:Approximately 4,000 commercial banks fail.
:1,700 S&Ls fail
1934
:FDIC created


August
: USA:
:: 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%.
: Germany:
:: Collapse of Frankfurter Allgemeine Verischerungs AG and runs on savings banks


1935
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 [http://www.aei.org/publications/pubID.23014/pub_detail.asp]
::: 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.


1936
1930
:World
::[[Bank for International Settlements]] created. 
: USA:
:: 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]
:: 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 [http://www.bartleby.com/65/yo/YoungPla.html].
1931
: USA:
:: Banking crisis, with the failure of over 1800 banks.
:: Federal Reserve raises rediscount rates
: UK:
:: Sterling (£) Crisis [http://www.nber.org/papers/w6563].
: 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 [http://www.u-s-history.com/pages/h1514.html].
: France:
:: Failure of Banque Nationale de Crédit and bank runs.
: World:
:: Britain, Sweden and Japan leave the [[gold standard]] [http://www.econ.iastate.edu/classes/econ355/choi/1931sep21a.html]


1932
: USA:
:: 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].


1937
: Germany:
:: Lausanne Conference agrees to the suspension of reparations payments by Germany [http://www.associatedcontent.com/article/735145/the_lausanne_conference.html]


   
1933
:: World Economic Conference: US vetoes international currency stabilisation [http://news.bbc.co.uk/2/hi/business/7954532.stm].
:USA:
::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.
::: 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.
:: 1,700 "Savings and Loans" fail
:: US abandons gold standard.
: Germany
:: Fall of the Weimar government: Hitler gains power.


1938
1934
: 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].


1936
: France:
:: France leaves the gold standard.


1939
1937
: USA:
:: [[Recession of 1937]]

Latest revision as of 00:35, 22 April 2014

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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 to the 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

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

1926

UK:
General strike [14].
USA:
Florida land boom ends due to hurricane.
Germany
Reichsbank acts to restrain stock exchange speculation

1927

USA:
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
Germany
Stock market crash[17]. Outflow of short-term capital. Discount rate increase.

1928

USA:
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 from 4.5% to 5.5%

August

USA:
Stock market peaks; start of a downturn in economic activity [18]
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 [19]
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

World
Bank for International Settlements created.
USA:
Failure of some bank in United States [20].
Hawley-Smoot Tariff Act [21][22]
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 [23].

1931

USA:
Banking crisis, with the failure of over 1800 banks.
Federal Reserve raises rediscount rates
UK:
Sterling (£) Crisis [24].
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 [25].
France:
Failure of Banque Nationale de Crédit and bank runs.
World:
Britain, Sweden and Japan leave the gold standard [26]

1932

USA:
Chicago Banking Panic [27].
Revenue Act: income tax rates increased and allowances reduced [28].
Germany:
Lausanne Conference agrees to the suspension of reparations payments by Germany [29]


1933

World Economic Conference: US vetoes international currency stabilisation [30].
USA:
Trough of depression and start of recovery [31]
Franklin D. Roosevelt elected president.
President declares a banking holiday and temporarily closes all U.S. banks using the Emergency Banking Act 1933[32].
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 [33][34].

1936

France:
France leaves the gold standard.

1937

USA:
Recession of 1937