The Great Depression was the great economic crisis that started after the U.S. stock market crash in 1929. The prices on the Wall Street stock market fell a lot from October 24 to October 29, 1929. Many people lost their jobs. By 1932, 25–30% of people lost their jobs. They became homeless and poor. This ended the wealth of the Roaring Twenties. Many people think that the Great Depression started on Tuesday, October 29, but economists think Black Tuesday was just one of the causes.
From 1929-1932, the depression worsened. Many suspect that increased taxes on American citizens and the increased tariffs (taxes on countries which trade with the United States) worsened it. Economist Milton Friedman said that the Great Depression was worsened because the Federal Reserve printed out less money than usual.
When the Great Depression started, Herbert Hoover was the president of the United States, and as a result, he was blamed for it. People voted for a new president in 1932. His name was Franklin D. Roosevelt. Roosevelt got the government to pass many new laws and programs to help people who were hurt by the Great Depression. These programs were called the New Deal.
One of these programs was the Civilian Conservation Corps, or CCC. The CCC put many young men to work in the outdoors. The men were paid thirty dollars a month, of which twenty five dollars was sent home to support their families, to work, and they got free food and shelter. Another program was called Social Security. Social Security gave old people a small income so they had money for things they needed. The Great Depression was really bad, but with everyone's help, it would get better. Between 1939 and 1944, more people had jobs again because of World War II, and the Great Depression came to an end.
The Great Depression followed a decade of rapid economic growth and urbanization. After the Wall Street Crash of 1929, business declined as it had after previous stock market crashes. However, people still had hope. John D. Rockefeller said that "These are days when many are discouraged. In the 93 years of my life, depressions have come and gone. Prosperity (wealth) has always returned (come back) and will again." But soon the bad effects of the depression grew worse and worse. More people lost jobs, money, and homes. There were reports that in Germany and the United States, there were great hunger, disease, and even starvation. Nations used protectionism more than in recent decades. This diminished international trade.
Farmers were usually safe from the severe effects of previous depressions because they could at least feed themselves. During the Great Depression, the Great Plains were also hit hard with a drought and dust storms. This was called the Dust Bowl.
Years of overgrazing combined with drought caused the grass to disappear. With topsoil exposed, high winds picked up the loose dirt and carried it over long distances. The dust storms destroyed crops, leaving farmers without food or something to sell.
Small farmers were hit especially hard. Even before the dust storms hit, the invention of the tractor drastically cut the need for manpower on farms. These small farmers were usually already in debt, borrowing money for seed and paying it back when their crops came in. When the dust storms damaged the crops, not only could the small farmer not feed himself and his family, he could not pay back his debt. Banks would then foreclose on the mortgage and the farmer's family would be homeless, unemployed and poor.
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Delhi
Delhi (; "Dillī"; "Dillī"; "Dēhlī"), officially the National Capital Territory of Delhi (NCT), is a territory in India. It includes the country's capital New Delhi. It covers an area of . It is bigger than the Faroe Islands but smaller than Guadeloupe. Delhi is a part of the National Capital Region, which has 12.5 million residents. The governance of Delhi is like that of a state in India. It has its own legislature, high court and a council of executive ministers.
Delhi is on the banks of the Yamuna River. Historians have evidence that people have been living in this region since at least the 6th century BC. People also believe that the legendary city of Indraprastha was here. This city has many remains and monuments of historic importance.
The India Gate is a war memorial in Delhi. Following the Bangladesh Liberation war in 1972, a structure consisting of a black marble plinth with a reversed rifle, capped by a war helmet and bounded by four eternal flames, was built beneath the archway. This structure, called Amar Jawan Jyoti (Flame of the Immortal Soldier), has since 1971 served as India's tomb of the unknown soldier
European Central Bank
The European Central Bank (ECB) is the central bank for the euro and administers monetary policy of the eurozone, which consists of 19 EU member states and is one of the largest currency areas in the world. It is one of the world's most important central banks and is one of the seven institutions of the European Union (EU) listed in the Treaty on European Union (TEU). The capital stock of the bank is owned by the central banks of all 28 EU member states. The Treaty of Amsterdam established the bank in 1998, and it is headquartered in Frankfurt, Germany. the President of the ECB is Mario Draghi, former governor of the Bank of Italy, former member of the World Bank, and former managing director of the Goldman Sachs international division (2002–2005). The bank primarily occupied the Eurotower prior to, and during, the construction of the new headquarters.
The primary objective of the ECB, mandated in Article 2 of the Statute of the ECB, is to maintain price stability within the Eurozone. Its basic tasks, set out in Article 3 of the Statute, are to set and implement the monetary policy for the Eurozone, to conduct foreign exchange operations, to take care of the foreign reserves of the European System of Central Banks and operation of the financial market infrastructure under the TARGET2 payments system and the technical platform (currently being developed) for settlement of securities in Europe (TARGET2 Securities). The ECB has, under Article 16 of its Statute, the exclusive right to authorise the issuance of euro banknotes. Member states can issue euro coins, but the amount must be authorised by the ECB beforehand.
The ECB is governed by European law directly, but its set-up resembles that of a corporation in the sense that the ECB has shareholders and stock capital. Its capital is €11 billion held by the national central banks of the member states as shareholders. The initial capital allocation key was determined in 1998 on the basis of the states' population and GDP, but the capital key has been adjusted. Shares in the ECB are not transferable and cannot be used as collateral.
The European Central Bank is the main bank of the European Union. The European Central Bank is in Frankfurt am Main. The main goal of the European Central Bank is to maintain price stability, in other words make sure inflation is below 2%. This is done by e.g. controlling the interest rates. It is also the only bank allowed to issue euro banknotes (€), used by 16 of the 28 member states of the European Union (EU).
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Friendship
Friendship means familiar and liking of each other's mind.
People who are friends talk to each other and spend time together. They trust one another and also help each other when they are in trouble or are hurt. Friends are people that can be looked up to and trusted. Usually friends have similar interests. A friend is one who admires a person's skill and helps or encourages them to make the right choices and do not get into any trouble at all.