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The Hardships in Depression

The Great Depression was one of the most difficult periods in the history of the United States of America. This crisis has had a profound impact not only on the economy but also on the population of the country. Speaking about the impact of the Depression, it is difficult to determine what exactly had the strongest impact on the development of the United States.

The first manifestation of the Great Depression was the fall of the country's economic system. The economy was in absolutely deplorable state. Every day the US positions on the world exchange market worsened significantly. The rapid collapse of the exchange has led to the depreciation of the currency and the fall of the banking system. At that time, many banks in the country were closed one after the other. This issue has touched a small, private banks and large state-owned banks, which was an essential pillar for the economy of the entire state.

The closure of banks led to even more terrible consequences. Many companies were not able to get a bank loan, promptly went bankrupt. Also, this was due to the fact that all the large and small bank accounts were frozen. Companies have not been able to pay salaries, to conduct the transaction, to pay taxes. Users whose accounts were frozen, experienced incredible difficulties. They could not pay the bills and provide themselves with the minimum necessary set of products and goods.

The situation is complicated by the fact that many companies were not working at that time, which means that a large part of the population was unemployed and they lost their main and the most significant source of revenue and finance.

The Great Depression dragged on longer than was expected and was wanted because of main reasons. All the difficulties of this period were formed together and locked in a virtuous circle. Because of the fall of the banks, companies were forced to close. In this regard, many people lost their jobs and source of income. As a result, people could not afford to spend money on various goods and entertainment, which prevented recovery of the companies. Therefore, the restoring of the banking system and getting out of default status was becoming problematic, as there were no stable and sufficient inflows to the state budget.

The Great Depression was really a difficult period in the history of the state, which will never be forgotten by any representative of the American nation. This grief touched every person living in the United States during that period. At that time, everyone tried to stay afloat and survive in such a difficult time.

The Great Depression was one of the most difficult periods in the history of the United States of America. This crisis has had a profound impact not only on the economy but also on the population of the country. Speaking about the impact of the Depression, it is difficult to determine what exactly had the strongest impact on the development of the United States.

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Assignment ID
100002500
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CREATED ON
October 20, 2016
COMPLETED ON
October 21, 2016
Price
$48
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Essay Example Comments
mustafa6562
December 10, 2016
mustafa6562
professional writer
russHambly63
December 9, 2016
russHambly63
Great, thank you
samber66654
December 9, 2016
samber66654
Very well done.