The Great Depression in Pictures

Money Was Just Paper

The sudden crash of the markets also left the banks in the US reeling, causing over 11,000 of the to close their doors.

This left millions without any of their savings, with $1 billion in bank deposits lost as the Stock Market lost 90% of its total value.

Money Was Just Paper

As debtors rushed to come collecting on their loans, people scrambled to find money to pay them that just wasn’t there.

Some experts believe that it wasn’t the stock market crash, but the swathe of bank failures that swept the US following the market collapse that was caused by waves of public panic over what was going on in the economy.