Answer:What happened in 1933 during the Great Depression?
Over the next several years, consumer spending and investment dropped, causing steep declines in industrial output and employment as failing companies laid off workers. By 1933, when the Great Depression reached its lowest point, some 15 million Americans were unemployed and nearly half the country's banks had failed.
Explanation:
The collapse of Creditanstalt caused the Bank of France, the National Bank of Belgium, the Netherlands Bank, and the Swiss National Bank to begin a run on the U.S. dollar for their gold reserves, and forced the Federal Reserve to raise interest rates from 1.5% to 3.5% to maintain the gold standards,
