6h 55min, jul 14, 1929 y - American Stock exchange collapsed
Description:
In 1929, the American Stock Exchange collapsed, and caused an economic depression. America called in all its foreign loans, which destroyed Weimar Germany. Unemployment in Germany rose to 6 million.The government did not know what to do. In July 1930 Chancellor Brüning cut government expenditure, wages and unemployment pay - the worst thing to do during a depression. He could not get the Reichstag to agree to his actions, so President Hindenburg used Article 48 to pass the measures by decree.
Added to timeline:
Date:
6h 55min, jul 14, 1929 y
Now
~ 96 years ago