In the fourth year of the Soviet Russian industrial plan, the economy continued to develop rapidly. Pen × fun × Pavilion www. ｂｉｑｕｇｅ。 ｉｎｆｏ

After the economic crisis, imports from China shrank sharply, especially oil imports shrank by almost half, resulting in financial difficulties in the Russian Empire, a large number of small and medium-sized enterprises went bankrupt, unemployment increased, and the social movement within the Russian Empire began to become fierce, nationalism once again became a flashpoint, and even began to exclude Chinese.

The U.S. stock market began a second plunge.

The Fed continued to keep interest rates high, funds continued to tighten, reducing the money supply by a third, the market continued to be depressed, corporate equipment could not be renewed, industrial goods could not be sold, prices continued to plummet, the economic crisis entered the second level, and super deflation began.

In fact, China is also tightening, because the unemployment rate is rising, the income of the people is reduced, the wages are reduced, the people who do not like to consume are more saving, the market continues to shrink, prices fall accordingly, and factories of all sizes begin to close down in droves.

Affected by the collapse of factories, a large number of banks could not recover their loans, and fell into the point of breaking the capital chain, while the central bank continued to insist on high interest rates and control the supply of money, at this time did not bail out these banks at all, and there was a wave of bank failures.

By the end of the year, the number of unemployed people in China exceeded 10 million, and the unemployment rate was 12.4 percent, lower than the 15 percent in the United States, but higher than the 9 million unemployed in the United States.

France, which has the best economy in Europe, has also begun an economic crisis.

The French economy is relatively independent, and did not lend to Germany, but also received a large amount of compensation, the automobile, power industry rapid development, but the independent economic system also has investment overheating, they are not immune to external influences, with the French foreign investment income, because the other party went bankrupt, and greatly reduced, finally triggered the crisis of the French banking industry, a large number of banks began to go bankrupt.

Britain continues to have a mild crisis, unemployment remains high, the first ruling Labour government lacks governing experience, and encounters an economic crisis, it is clear that it was pushed to power by the workers, but instead it intends to reduce wages to improve the competitiveness of British industry, but the workers have been resisting, and the labor movement continues.

Germany is still the most crisis-ridden country, and in fact, after 28 years, Germany's highly dependent economic model has become untenable.

In the Dawes plan, they have already paid $2.2 billion in loans on schedule, and the United States has recovered $2 billion in debt from Britain and France, while at the same time committing another $2.24 billion to Germany.

Although Britain and the United States have stimulated the economy with a large number of loans, they still have to pay a large amount of reparations, which are repaid through the export of German products, which means that Germany is facing this continuous material loss, and the material exports cannot be accumulated, which is an easy to understand reason. Thus there is no industrial growth, and the common people remain destitute, except for the industrial and financial oligarchs, the abject poor, and there is not a sizable middle class at all.

Such an economic structure is completely incapable of resisting risks.

After several years of running the chain, Germany finally became unsustainable, because they found that their finances could barely afford to improve their infrastructure other than to pay loans.

The German government, citing financial difficulties, demanded that the terms of the reparations be changed again.

Germany's demands were supported by Britain and the United States, and they launched the second phase of the Dawes plan, the Younger plan.

This plan reduced the amount of reparations that Germany needed to pay to one-third of the original, and the rest could be deferred, but Schacht, the head of the Bundesbank, was very unhappy with this, believing that Germany had made too many concessions, and in a hurry, the hard-line Schacht wrote a letter directly to Morgan, and published it in the New York Times.

In this letter, Schacht threatened Morgan and other financiers, telling them that if they continued to exploit Germany through war reparations, Germany might withdraw from the Bank for International Settlements, which was established to deal with reparations and war debts, and could be said to be a supporting institution of the Dawes plan, and Germany's withdrawal from the bank meant rejecting the Dawes plan.

Schacht threatened Morgan without authorization, but before Morgan could express his position, the German government was dissatisfied, especially the German finance minister, who thought that this caused a lot of passivity to their work, and the dispute between the finance minister and the central bank governor finally went to the German President Hindenburg, who dismissed Schacht.

After Schacht left office, American universities invited him to give lectures, because many universities were anti-financial monopolies.

As a result, before the Younger plan could be implemented, the US economic crisis broke out.

Although Germany stopped paying war reparations, but there was no source of Anglo-American loans, their financial system was the first to have problems, the collapse of one of Germany's largest banks, the Darmstadt Bank, triggered a bank run, the loss of half of the country's gold reserves, the collapse of five of Berlin's nine major banks, the other four half-dead, and the collapse of the financial system's coffers.

Industrial enterprises were affected by the United States' increase in tariffs and the rupture of the capital chain, on the one hand, there was no raw material imports, on the other hand, they could not export goods, the industrial crisis immediately became deep, only 36% of the industrial equipment was still running, industrial production fell by 40%, foreign trade fell by 60%, prices fell by 30%, among the major industrial products, iron production fell by 70%, the shipbuilding industry fell by 80%, the most terrible thing about the industrial crisis is the problem of unemployment, the number of unemployed in Germany soon reached 30% of the total employed population, The most terrible thing about unemployment is social instability, and the day when the Nazis come to power is approaching step by step.

Despite the fact that there is a serious unemployment problem in all countries, the United States has 9 million, Germany 8 million, the United Kingdom 3 million, France 2 million, and China has the largest number of unemployed people, reaching 10 million.

However, the large number of unemployed people in China is due to the large total population, with a total urban population of 200 million, of which 80 million are employed workers, and the huge population base makes China's unemployment rate the lowest.

Surprisingly, China has the largest number of unemployed people and the fewest social problems.

When the German workers lose their jobs, they show their anger at the government, when the American workers lose their jobs, there is a serious problem of law and order, after the British workers lose their jobs, they will continue to work in the bar, and when the French workers lose their jobs, they will begin to prepare for the revolution.

But when Chinese workers lose their jobs, the first thing they do is pack their bags, pack their bags, and immediately return to the countryside.

This phenomenon, in later generations called the labor reservoir, is specifically used to describe the laborers in the city can not be employed, rushed back to the countryside to make a living and unemployed, when the economic situation improves, the laborers return to the city again for employment, the countryside plays a role in regulating the urban labor structure, when the economy is booming to provide a large number of cheap labor for the city, when the economy is in crisis, it is for the city to absorb the surplus labor.

The role of the countryside is like a reservoir, a reservoir of labor.

However, it was not China that had this effect in later generations, but Japan.

Every time Japan experienced an economic crisis after World War II, the Japanese returned to the countryside, and when the economy recovered, they returned to the cities, so that they escaped many world economic crises and eventually became one of the world's leading industrial powers.

But this era also appeared in China, and of course, Japan also appeared, because Japan also had an economic crisis. (To be continued.) )