It sent their economies into further decline--European countries had invested in our stock market and they relied on our financial assistance following the war.
Germany was relying on circular loans from the US which provided funds to help them pay for reparations. After the stock market crash, we were no longer able to aid which stopped money from flowing into Europe. This caused further decline in Europe preventing them from investing in their own countries let along buy goods from the US.
The main reason why the United States was able to assert itself on the World Stage after WWII was because the US emerged from the war with an incredibly high GDP, thanks mostly to war-time spending. This allowed the US to act as a world leader because so much else of the world had been crippled economically.
Pope Gregory I was known for his writings, which were a lot more numerous and loved than those of any of his predecessors. One of his most famous writings were his Dialogues.
