1. Spinrad/World History
1920s to 1930s: economic turmoil in Europe

2. German Weimar Republic
German government created after WWI
Created more money to pay reparations to Allies
Money lost value rapidly—hyper-inflation
Bread cost less than one mark (1918), 160 marks (1922) and 200 billion marks (late 1923)
Germans blamed the democratic Weimar republic

3. German hyper-inflation 1923

4. Dawes Plan
Slowed down German inflation, and Germany recovered completely by 1929

5. Kellogg-Briand Pact Outlawed war
Signed by almost every country in the world
But…no means of enforcement, as League of Nations had no army

6. Financial Collapse The US sustained the world economy
US factories and farmers overproduced
US Farmers bankrupted
US Stock market crashes October 1929
Thousands of businesses and banks close and many lose their life savings
The Great Depression has begun

7. Destitute US Farmers

8. US Depression becomes Worldwide
Congress tariff policy creates trade wars
US demand for world’s goods plummets
World exports to US go down
World trade drops by 65%

9. Countries respond to Depression
Britain and France deal with the unemployment with moderate success—stay democratic
US responds with Franklin Roosevelt’s New Deal
Also only moderately successful, if that.
US unemployment remain high until WWII starts

10. US Unemployment