Western Civilization II / Unit 16 WC2 1501 short lesson, about 20 seconds
The Debt Triangle, and October 24, 1929
Captions available
The idea
American loans went to Germany, German reparations went to the Entente, and the Entente's war debts went back to America: the debt triangle. On the twenty-fourth of October the New York market crashed, and American banks called their European loans. Businesses shut, unemployment spread.
In practice
German output down about forty percent by nineteen thirty-two.
Where people slip
The anchor's "fifty percent in one year" is recorded.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
Builds on
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