The Wall Street Crash came in October 1929, and within a month, shares had fallen by a third. They paused and even rose slightly in April 1930. This was a dead cat bounce; they then plunged again and carried on falling for another two years. By the middle of 1932, the average industrial share was about 15% of its price in October 1929. Unemployment in the U.S. rose from half million in 1929 to 12 million in 1932. The U.S. huge investment done in Germany during prior years declined.
Germany industry, starved of funds, began to contract and Germany could not meet reparation and other debt repayments to France and Britain. This led to the same scramble for cash that had accompanied the Wall Street Cash.
…. More to come ….