Bankers' Depression of the 1930's.
In 1930 America did not lack industrial capacity, fertile farmlands, skilled and willing
workers or industrious families. It had an extensive and efficient transportation system
in railroads, road networks, and inland and ocean waterways. Communications between
regions and localities were the best in the world, utilizing telephone, teletype, radio,
and a well operated government mail system.
No war had ravaged the cities or the countryside, no pestilence weakened the population,
nor had famine stalked the land. The United States of America in 1930 lacked only one
thing: an adequate supply of money to carry on trade and commerce.
In the early 1930s, bankers, the only source of new money and credit, deliberately refused
loans to industries, stores and farms. Payments on existing loans were required however,
and money rapidly disappeared from circulation. Goods were available to be purchased, jobs
waiting to be done, but the lack of money brought the nation to a standstill.
By this simple ploy America was put in a "depression" and bankers took
possession of hundreds of thousands of farms, homes, and business properties. The people
were told, "times are hard" and "money is short." Not understanding
the system, they were cruelly robbed of their earnings, their savings, and their property.
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Last Updated on 04/23/98 by Darren Perkins 