the great depression

• 1. in october 1929, the wall street stock market crashed.
  2. lots of people sold their shares as they were becoming worthless
  3. German banks had invested into the US because it was a stable economy, but when the share prices crashed, they lost alot of money.
• the price of american businesses had fallen by $4000 million
• 1. many people began to worry that they would loose their savings again, after they had just built them back up after the hyperinflation of 1923.
  2. so many people began to ask for their savings back from the banks in cash
  3. the banks ran out of cash so some went bust and many had began to call back loans from businesses and industries
  4. this meant that businesses had to let go of many people to pay back their loans
• by 1933 there 6 million germans unemployed