Write a note on year of depression of U.S ?
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German investments and industrial recovery were totally dependent on short-term loans, mostly from USA. This support was withdrawn when the Wall Street Exchange crashed in 1929. Fearing a fall in prices, people frantically tried to sell their shares. This was the start of the Great Economic Depression. Over the next 3 years, the national income of the USA fell by half. Factories shut down, exports fell and farmers were badly hit. The effects of this recession in the USA economy were felt worldwide, largely impacting Germany.
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