oct 29, 1929 - Great Depression

Description:

the US Wall Street stock market crashes,
the whole world is affected,
but especially Germany, since the US demands all its loans back

the crisis gradually worsened between 1929 and 1932 as more and more foreign investors withdrew their money

it was a disaster
the biggest problem became unemployment
(1/3 of German workers were unemployed),
but also:
between 1929 and 1932 national income dropped by 39%,
pensions were cut
(e.g. war victims' pensions cut by 1/3),
fall in production,
deflation,
fall in wages,
fall in world trade,
rise in government debt

the government's reaction to this is one of non-interventionism and cutting government expenditure,
the most important reasons for this was the fear of a repeat of the 1923 hyperinflation
(this shows that the hyperinflation, though it was resolved in November 1923, still was a long-term contributor to the rise to power of Hitler)

the public's reaction to this was obviously anger
the majority felt betrayed by Weimar,
the political consequences of this was a rise in nationalist attitudes and an increase in the popularity of extremist anti-Weimar parties

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