With the collapse of the stock market, the US economy was plunged into a devastating catastrophe, and a terrible ripple effect soon followed.

Because of the losses, many families poured into the bank to withdraw their deposits, and the withdrawal of a large number of deposits made many small banks unable to support it. Because they also lost a lot of money in this stock market decline, many small banks were surrounded by people who withdrew their money because they couldn't come up with money to give to these depositors. So the bankruptcy happened in this situation, which in turn caused more people to rush to the bank to withdraw the actual hard-earned money. And so a run on a larger scale broke out.

The depositors forced the bank to immediately find the loan company and ask for the loan to be recovered, and the company that also suffered heavy losses could not come up with the money to pay the bank. The reason is the same, they don't have money either. It's like a cycle, where depositors run on banks, banks force companies to pay back, companies go bankrupt and more people run on banks, banks force more companies to repay, and more people lose their jobs.

During this time, the number of unemployed in the United States reached 8.3 million, accounting for almost 9% of the total population of the United States. In cities across the United States, the number of poor people waiting for relief food is several blocks long.

Let's not forget that there are family members waiting to live, which equates to one in four to one-third of families in the United States who have lost their source of income. As a result, 2 million to 4 million secondary school students dropped out of school, and many committed suicide because they could not bear the physical and psychological pain. Public order is deteriorating day by day.

At this time, it is no longer an economic problem, but a social problem.

And the amplitude of the United States is helpless against this, because at this time they still believe that the market will automatically adjust. The difficulties at this time are only short-lived, and the US economy will continue to grow in the future.

In essence, America's difficulties have only just begun. According to later statistics, the U.S. economy began to decline year by year from 1929. Until the trough of 1933, the gross domestic product of the United States was cut in half by almost half, and the national economy reached the point of total lack of confidence.

The September 1932 issue of Fortune magazine estimated that there were 34 million adult men, women, and children in the United States, nearly 28 percent of the population, without any income. And, like the others, the study does not include the 11 million rural families who are suffering in another kind of hell.

There are many legends about finding a job around 1932, some of which sound bizarre but not false at all.

There were indeed people who stayed up all night at the door of the Detroit Employment Agency. There was indeed an Arkansas man who walked 900 miles to find a job.

An employment agency on Sixth Avenue in Manhattan hired 300 people, and 5,000 people did apply.

Someone in Washington State did set fire to the woods so they could hire him as a firefighter.

In such an era of economic depression, more than 15 million people were looking for work everywhere, but there was no work to do. A survey conducted by Business Week confirmed that many people no longer like the United States, some have left the United States, and some are trying to leave. In the early 30s, the number of people moving abroad exceeded the number of immigrants every year.

And quite a few people were attracted to the USSR and moved to the USSR.

So how did the poor in the United States spend this time at this time?

The man's shaving blade is sharpened and reused; Roll your own paper cigarettes, or smoke the "wings" card (a dime a pack). To save power, switch to a 25-watt bulb. The children picked up the soda bottles and went to the shop to refund the money, two cents a piece, and went to the bakery to line up to buy bread for the next night. The women cut the old sheets and sewed them together on both sides, so that the worn areas in the middle were moved to both sides.

Change your clothes for your daughter to wear, so that she doesn't look cold in front of the neighbor's wife—in fact, the neighbor is just as tight on hand, and I'm afraid the same method is taken. Many families keep the Christmas cards they receive and send them to other friends next year.

In the countryside, especially in the Midwest, life is extremely bleak. As a result of the sharp drop in the price of agricultural products, a large number of farmers went bankrupt. Millions of people have been spared death only by living like animals. The rednecks of Pennsylvania eat weed roots, dandelions. Kentuckians eat violet leaves, wild onions, forget-me-nots, wild lettuce and weeds, which have traditionally been reserved for livestock. The mothers of the children in the city wandered around the docks and waited, and as soon as rotten fruits and vegetables were thrown out, they went up to fight the wild dogs. The vegetables were loaded onto the truck from the docks, and they ran after them, picking up whatever they had fallen.

A cook at a hotel in the Midwest left a bucket of leftovers in the alley outside the kitchen, and a dozen or so people immediately rushed out of the darkness to grab it. Families have also been seen walking into garbage heaps to pick up bones and watermelon rinds to nibble on. Because of the abundance of maggots, there is a widow in the city of Chicago who always takes off her glasses first when picking up something to eat.

Since the American people are doing so badly, what about the European side?

First of all, Britain and France, which played a leading role in Europe, also lost their weight, and Britain's traditional heavy industry was also declining. In 1921 unemployment in Britain reached nearly 17 percent. Throughout the 1920s, the number of unemployed people in Britain remained at around one million for many years.

The Great Depression naturally added fuel to the fire when Britain's foreign trade fell by 23 percent, with a large number of banks going bankrupt, businesses closing, and workers losing their jobs. The measures taken by the Labour government during this period were also standard classical liberalism. The result of these measures, either job losses or wage cuts, certainly did not save the British economy. But fortunately, Britain still has colonies to dump products, but it also makes Britain unable to deal with European affairs, first of all, he needs to do his best to save himself.

France, on the other hand, was not directly hit by the Great Depression until 1931, but within two years French industrial production had fallen by 26 percent. The French economy was in crisis throughout the thirties, and it was not until June 1939 that French industrial production returned to its 1931 level. And it was not until 1950, after World War II, that French industry returned to its 1929 level.

If Britain and France still have a chance to breathe, then Germany is the worst.

From 1924 onwards, the German economy in Weimar was temporarily stabilized through the Dawes Plan and the Young Plan. However, it was precisely because of the "economic rationalization" that Germany followed the United States during this period that the working conditions of German workers deteriorated and unemployment increased.

It is precisely because of these two plans that the Weimar economy is particularly dependent on the United States. By 1928, U.S. investment in Weimar Germany amounted to $4 billion, while total U.S. investment in Europe at that time was $8 billion.

The Great Depression hit Weimar's economy particularly hard. By the beginning of 1932, Germany's official unemployment rate was as high as one-third, or six million workers, a figure that did not include the two million "unofficial" unemployed.

As for other European countries, the Great Depression suffered enormous losses, with banks failing, businesses shutting down, and people losing their jobs, which also afflicted governments. The Great Depression also caused a split in the minds of Europeans, with left-wing and right-wing parties attracting a lot of attention, and they desperately needed a government to help them out of their predicament.

As for Romania, which also belongs to Europe, it is naturally not immune to the impact of the Great Depression.