Ch 17 sec 5

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  • Loaned $10 billion to alliesIncreased debt from 1 billion to about 24 billion in 3 yearsWhen European countries had financial trouble, they simply didn’t pay the US back
  • Increased rates made it very hard for businesses to borrow money and invest
  • Spent 2 billion
  • Ch 17 sec 5

    1. 1. Great Depression
    2. 2. Causes of the Great Depression 1. Financial Devastation of WWI – The US loaned money to Allies – Only Finland repaid the US
    3. 3. 2. Failure of the Federal Reserve • The Federal Reserve doubled the interest rate
    4. 4. 3. Smoot-Hawley Tariff Act • Raised the price of foreign goods • Foreign countries did the same and the US exports dropped
    5. 5. Results of the Great Depression 1. Unemployment – About 1/3 of the work force lost their jobs – Hoover did spend money, but unemployment rate remained high
    6. 6. 2. Growth of government • Hoover and Franklin D Roosevelt created numerous government funded programs to try to get the US out of the depression

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