Don’t worry, mows the time to buy just what you need and save the rest, we will see this again, and that will be the end of this country as we know it.
glad i was born in 63 i had the best yrs of my life 70 80 90s after 2010 everythings gone down the drain 2023 be 60 this yr and im really glad im getting old cause im starting to not care anymore my spirit is going down lookin at the world today
What keeps me coming back to this video to watch and learn instead of running it as background noise is the simple excitement and passion you show with each fact that you present.10/10 would recommend
Finding data on the rest of the world was actually quite hard in the beginning. The Euro-centric and America-centric sources were plentifull and well-analysed while the rest of the world was just kinda forgotten... In fact, for many years people assumed that Asia and Africa were fine because the governments still had enough money (which was used as an indicator of the economy at the time)... while completely ignoring the average people. This was really sad so I wanted to do better than that. Hope you enjoyed listening to the issues of Asia/Africa/Latin America
Coming out of facing alot, I knew two things about the stock market: It caused the Great Depression, and the fastest way to make a million on the markets was to start with two million. And then the Great Recession happened only a few years later. So yeah, I wish someone had better explained it to me earlier in life. Having a good entry and exit strategy will make you succeed in the stock market.
Exactly, most of the investors pays more attention to the profit aspect forgetting that the market involves ups and down. securing your financial position requires lots of patience and proper education on the market so as to know the right profitable stock to buy and invest in. I made over $260k in profits, from just the Q4 of 2021. Investing in the stock market is most profitable when you understand how the market actually works.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Vivian Jean Wilhelm” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
@@flavioardizio7242 Nope. I cover topics which everybody knows happened but most people don't know a lot of details. So I won't go indepth on such specific parts of history. If you want a good video on the USSR's economy I suggest watching Economics Explained. His videos are amazing! Especially the one on the USSR!!
The USA git off the gold standard several times and then went back on it again. This isn't "changing dates". This is "doing the same policy multiple times".
Yo, thanks for showing me just how global this crash was. I remember trying to find this out in middle school social studies waaay back when, but no one around me knew. Also great song choices and timing, btw. Sound design is super underappreciated
"While countries like Japan and the USA were building themselves up, Europe spent 4 years blowing itself up" By far the best line in the entire video. I laughed...HARD!
@@eldermoose7938 It seems that whatever country has the money tends to like to use it to build empires. Japan tried and ultimately failed in the 1940s. The American neo-feudal global corporate capitalist empire will fail at some point too.
@EmperorJuliusCaesar Are you also ticking all the bad decisions being listed in the video because they are being made all over again (not only in the USA)?
@@gruntdetonators The unprecedented rate of growth the USSR experienced under socialism was faster than any society had seen up until then, and was only matched by the even faster expansion of China... Venezuela ranks higher than the USA currently, and Cuba was a plantation, so yeah, they've improved.
Thank you so much for the global view of this time frame. I've looked and looked for info on the effects of the Depression globally and can't find much info.
I actually did do extra research into Antarctica. When I said Antarctica was "totally fine" I actually meant it. There wasn't a decrease in expeditions or fewer research stations being set up. I thought it would be cool to talk about how a recession reduces spending on research by using Antarctica as an example... but I couldn't find any evidence that Antarctica 'economy' (if you can call it that) suffered because of the Great Depression. It would have been fun to talk more about it, but alas, there was nothing of note happening in terms of the Great Depression in Antarctica at the time.
6:22 This is a really well documented phenomenon and if you want to know more about it, it’s called a “Bank Run”, it’s similar to people storing water in bathtubs during a water shortage or people filling up gas cans during a gas shortage. Small shortages or hiccups can become very dire when these practices take place
Amazing explanation as always! I also encourage more economic analysis in future videos! I loved the economic and sociopolitical aspects being brought together for the bulk of the video. Especially for Africa, Asia and Latin America, which all too often get barely mentioned (if at all) within anglophone countries' education I guess my only new comment is asking if more frequent videos of this quality of clarity and research can become a new gold standard, if you will
This is happening now. In July 2023 in Canada 45,000 housing construction jobs were lost as the housing market has ourpriced itself.Demand has driven prices up so an average house is a million dollars. People can’t afford a mortgage for that which would cost $8000 a month. This has a knock on effect for housewares and appliances. That results in unemployment for people who make those things. This trend is developing now in August 2023. 2024 could look like the Great Depression.
At about the 3 minute mark you said, "Suddenly the values of these shares dropped..." Can you explain what caused this drop? This seems to be the most important part of the story...but there is a gap here.
Likely a natural slowdown in the business cycle. For example, if almost every family in the US owned a home in the late 1920s, then companies involved in building a house (construction companies, household appliance manufacturers, interior designers, cement/lumber suppliers, etc) would experience a slowdown in sales, which results in lower profits. They're still making money, just not as rapidly as before. Suddenly investors aren't as attracted to the shares of these companies and now everyone's thinking, "if profits decline then the share price will decline too, I better sell these shares while they're still high" and true enough the share price tanks as every investor heads for the exit. Now imagine this happening to several different companies in multiple industries.
Endemic corruption was rife. The Hoover government sat on its hands and did nothing about corruption, which finally caused a massive collapse. Laws and safeguards were put in place to prevent many suspect practices. Reagan in his wisdom, followed by the Bushs, undid many of these safeguards. "Too much red tape," the fools waffled. Unscupulous people seized on this, and we had the World Financial Crisis. History repeats, as the rise of ultra right wing lunacy shows us. Another war?
1:24 US Industrialization 🏭 2:03 US people bought shares in a company. 2:44 1929 STOCK MARKET PLUMMET IN PRICE 3:40 Less Spending, Less Business Profit, Less Businesses Can Stay Open/In Businesses, Businesses go out of business. People get fired/let go/can’t be paid anymore by their boss/business. 6:03 Inability to pay 💰 debt -> Bankruptcy. 6:36 RUN ON THE BANKS 🏦 end banks 🏦 7:18 ECONOMIC COLLAPSE 8:14 Prices fell, people delayed buying stuff, more businesses went bankrupt. 9:20 Quarterly Economy Reports track the economy. 3 Declining Quarters is named a Recession. 10:57 US drops The Gold Standard. 13:20 US Solutions to Bank Collapses. The Great Depression in Latin America 14:43 Primary Good Production. 17:07 Government destruction of surplus production. 19:00 Striking and riots over poor living conditions.
I was a business student back in college. First time i actually enjoy a lesson in Economics :) Now that Lebanon (my country) is going through the same thing (almost) i'm going back to 'school' Thanks!
18:34 I think that you are missing the point. I think that the cotton didn't get more competitive (in $) because the currency became less valuable, it was because the currency *was being* devalued at that moment, and thus people were willing to accept a lower payment of a stable currency rather than a full payment of a currency of decaying value.
You're correct about that. But this video is for the people who didn't study economics. There are A LOT of factors I left out or simplified. This is one of them. People who know more about economics can easily fill in the blanks (like you just did) while those who don't know a lot about economics can still get the basic principals without getting an information overload
Love the videos, can you please mention more years, especially in the more historically spread out videos? I loved the tulip and Aztec videos but was a bit confused on the timeframe these events took place, especially the stuff in the middle. Keep up the great work man you’re killing it!!
Very nice to see this topic covered on a worldwide scale for a change. Kinda weird that I just finished a book about 1968 that also covered the entire world, rather than just here in the U.S.
It took me 2 months. That's way too long. Next video will hopefully be faster and shorter (unless people vote for African decolonisation... I see now way how I can make that a shorter video)
Wow, Mr. Scope, that was outstanding! Such a full breakdown of the depression and bang on the money as far as accuracy, from my knowledge of those days before me, but that my parents saw Lot of changes, and that silly genius Keynes set the protocol....and it works. Remarkable. Thanks! cheers
@@jkfozul2316 Of course. That's a thought. However, it would work with an unmarked accent and the emphasis on 'rupt'. However, with his heavy accent it sounded like a mistake. Now that I realise he is Dutch, the word 'rupts' is in that language too so he might have presumed that it translated to English. All very interesting.
the extreme droughts were a big problem ... the zars ususally didnt care for the well being of the people they treated like slaves. thats why these poor oppressed farmers and workers over threw the monarchy to establish a system that works for the people. still there were these droughts, and only by forcing the church to give parts of its hoarded wealth to the starving people brought a solution!!! these rich clericals and nobles did EVERYTHING to keep their extreme riches and let their fellow men starve! just fyi ;)
At least one Depression-era tariff, the Jones Act (Merchant Marine Act) of 1920 (yes, I know that's a little bit before 1929, but still), prohibits foreign-registered ships from carrying goods between US ports, and that still a major problem since that means that a) much of America's domestic shipping has to happen across highways and rail where it more easily happen across rivers or along the coasts, and puts much unnecessary stress on ground infrastructure; and b) forces mostly Panamanian-registered and -crewed cruise ships to visit foreign ports before returning to US shores (the only exception as I write this is a Norwegian-owned cruise line that operates out of Hawai'i).
That Jones act fucked Puerto Rico the likes no other law has fucked a country in a long, long time. To this day, the economy of Puerto Rico is a disaster all thanks to the Jones Act.
I found some really good ones from Asia in the 1930s. It's fascinating to see the footage... unfortunately the voice overs were extremely racist (calling all Asians 'simple' for example) so I didn't share the in the descriptions. You can find them yourself by looking up "asia 1930s". Once you find one video your recommendations will likely fill with several others.
Some omissions in the content as to cause and continuation: #1. The cause and length of the Great Depression was in part due to the Federal Reserve Bank's (rich insiders) contraction of money supply. #2. The Roosevelt administration favored tariffs because it was beneficial to their political allies, the large unions, though the new tariffs caused huge problems for those outside the unions. The Fed and the Federal government prolonged the suffering of Americans for their own benefit.
Brazil was like "I'll do myself then" As a Brazilian I can relate lmao We usually do ourselves when we can't pay for something. Like myself I was feeling tooth pain due to a open cavity, and I cant pay a dentist, so bought myself filling and filled my cavity 😂 I'm not feeling pain anymore at least.
Be careful doing this because you are just filling the cavity, not getting rid of it and then filling it, the cavity is still there, it’s just underneath, this will eventually lead to internal tooth decay and possibly a lot worse and more expensive issue like root canal.
Saying that the USSR was economically worse than the West because of a lack of international trade is way oversimplifying it, though it should also be noted that the Soviets tried to enter the global economy throughout the interwar period and got routinely rejected in that process
ussr was a very weakly industrialized place, trying to recover from famines, from white terror by ravaging feudalists, constantly being spied out and attacked by imperialist western countries that longed for its oil (by standard oil) or its resources (hitler). the nationalization of its banks and real public property rubbed the capitalists the wrong way. they fiercely opposed this material based, stabil system, in favor of their extreme volatile, debt based system, causing one crisis after the other and extreme poverty for the masses and extreme wealth for the few. because in all these explanations is missing that in the west was extreme oppression of the masses, which made socialist ideas so attractive to the proletarians of the world and the colonialized natives.
At no point do I say such a thing in my video, though. It was weak due to having a lower production in total and per capita, while also being very wasteful... Not because trade was low...
@@HistoryScope i have to disagree about wastefulness of socialist production. this is actually a blatant lie used by capitalists to denounce socialist economies. it is very resourceful because it is a PLANNED economy. it produces exactly the DEMAND of the WHOLE people. in capitalism is quite the opposite. it is called anarchical production. demand is not calculated as a whole. every factory owner produces whatever they want to and afterwards they figure out how much is actually demanded. true demand that is unsatisfied is disregarded. demand is also only defined as such if it is backed with money. most of the time producers use advertising and trickery to sell their unnecessary products and bomb the people day and night to buy their products. it is so bad, that the products are build to break and to throw away. this is very unresourceful and causes all this trash!! which totally differs in socialist production where products have to be highly functional, have to last for a very long time and have to be repairable. the aim is to equip all people. (also the recycling was invented by socialists. the trash caused in socialist countries is therefore very few.) in capitalist production the aim is to accumulate profits for the owners of this factory. production was low in the beginning of the ussr. later on it was constantly rising, only kept lower than it should have been by capitalists like McCarthy and them using extremely high tariffs against all socialist economies and bitter embargos. countries that wanted to join the socialist trading system were brutally bombed and fascist terrorists were strategically build up and financed to hinder a growth of socialist markets.
Planned economies cannot provide enough supply as they aren't versatile enough. And no, they were VERY wasteful. A good example is the amount of concrete produced vs how much they actually used/needed. Recycling has been around for millenia... So socialists didn't invent that either. Socialist economies also weren't well known for the quality of their products, quite the opposite in most cases.
@@HistoryScope this is simply not true. the product quality was WELL known! and the products still work today!! they were so good, that they filled the catalogs of Western retailers, just renamed. Take the GDR, it was an export nation, with over 50% dependency on export!! you have to really research unbiased! i think you dont mean quality, you talk about technological advance, which was achieved by denying access to techology to socialist countries by cocom and chincom, the trade embargo!! i dont know where you have opinions from, but the amount of trash produced by capitalist societies exceeds extremely the amounts of trash produced by socialist societies!! the denial of access to capitalist markets by cocom and the super high tariffs against socialist countries FORCED them to be very effective. everyone knows this! thats why they had set up the recycling system, before any capitalist country, who ship their trash to other countries. planned economy of GDR was able to supply everyone in the country with a home, health care, affordable public transport, food, free education and even grants for EVERY student. beat this. what you call versatile, we call unresourceful. unnecessary production, how many cars are standing around rusting on fields in the nowhere? how much food is thrown away? how many clothes are produced to fall apart after 3 wears? please pay attention. dont be opinionated and biased. have a scioentific approach to this. you already destroyed my country. can you at least after 30 years pay attention to what you destroyed, thanks. capitalist countries fail to supply the basic needs of large parts of their people, they simply dont view them as deserving. the only time that the socialist system broke down was when the Saudis produced so much oil in 1985 that the oil price plummeted. this caused the ussr to have a financial crisis, because it is an oil exporting country, also the GDR fell into a crisis, because it refined oil to fuels and depended also heavily on export. while the capitalist countries who were already the most indebted of the world gave eachother credit to affordable conditions, this was not the case towards socialist countries. to finance the imports from capitalist countries (plus all those too scared to become socialist -> nukes), which were way cheaper sold to capitalists, the interest rates were very high! the trade between socialist countries didnt use interest rates. it was a material based system. keep that in mind. a stabil, real economy trade system. which person with a functional mind can deny the benefit for the whole earth?
Aaaaah I LOVED this video! The Latin American part is very well done (as all the other ones) but the Brazilian bid I can affirm that was spot on... I think every Brazilian kid learns about the coffee crisis because it was insane and it caused a gigantic shift in politics, making sure that other areas other than Rio de Janeiro or São Paulo would be properly supported by the executive government. A few decades after that shift, they made Brasilia: in the middle of Brazil, the new capital. I love history so much
Yeah, Brasil have everything and unfortunately most Brazilians have corrupt mindset ruin everything that prevent Brasil being amazingly prosperous. It’s a sad sight to see a once beautiful city like Rio de Janeiro turned into shithole even worse is the economical powerhouse São Paulo only get cleaned when there is election and can’t even maintain its historical areas, so there is nothing but concrete high raises buildings, disgusting pollution and traffic jams. Brasilia looks like Moonbase Alpha TV series from the 70ties and is nothing than a shelter for greedy corrupt national politicians.
Watching this for my APUSH class right now. You did a really great job of explaining this whereas I wouldn't understand much from reading a normal textbook. :)
When I heard that, I was painting, so for an instant, I wondered if maybe it had been a line from a philosopher that had just also been referenced by Aang. But I looked up in time to see the arrow and I knew. My heart is full
It's amazing how a UA-cam channel run by one or a few People is better, more accurate and more entertaining than TV channels, Discovery, nat geo, that cost millions and employs hundreds
The more people you have, the less humanity you have. In large organizations, the individual has no say. If someone wants to make change they can’t really do so. It can be great in business, but in yt videos it’s not. Just look at buzzfeed
It baffles me how many people don't understand the simple economic mechanisms explained here. Currently, we're in a super bubble and many people are going to learn the hard way what happens when prices get out of hand and the economy implodes. For those spending like there is no tomorrow and with little savings I wish you the best of luck! You're going to need it!
Businesses keep producing products even though consumers are not buying. This is so they can keep paying their investors and employees as well as fixed costs like buildings and machinery. But, and this is big BUT, the money has to come from somewhere and it isn't coming from consumers. So, where is it coming from? It must be coming from banks in the form of further loans, and investors. This is where it becomes a scam. Business owners are promising a return, knowing they can't deliver. So, instead of a slow, and perhaps manageable decline, a dramatic and percipitous crash in the economy occurs, once the scam is revealed. The Great Depression was not an economic failure, but a lie uncovered.
What he didn't explain was why the stock market crashed so badly in the first place, the domino effect that happened after was obvious, but why did it crash? If all the businesses that people had shares in were still operating why on earth does their value all drop at once? If it is all an illusion why not just manipulate it so it doesn't happen?
This was such a refreshing video - as a Brit my knowledge of the Great Depression has always been limited to the US, UK, Germany with a mention of the rest of Western Europe if a teacher was feeling spicy. It's really interesting to hear how the rest of the world dealt with it, far more interesting than the US/ UK perspective.
Well that would be impossible to do considering I'm in my late 50s and I'm more interested in investments that could set me up for retirement in my 60s, my goal is at least $2million.
@@BrunoLuke Very true, If you're looking for help building a retirement nest egg, you most likely want a certified financial planner with expertise in retirement planning. With the aid of a coach, I grew my reserve from $160k to almost $600k during this Red season.
@@harrisonjamie794 How can one find a verifiable financial Planner, I buy the idea of employing the services of a Financial Advisor because finding that balance between saving and living requires counsel.
Finally, One that doesn't just talk about the USA, It spread to SEVERAL other areas, Way more than just america, Hopefully, This video gets blessed by the algorithm.
I really like these videos.. I am a visual learner so the simple diagrams make the topic easier to understand. That is good because these topics can get complicated.
Thanks for covering the topic with simplicity and attention to detail at the same time, especially since we leaving in times that something similar will happen
@@Alaryk111 Sure, let me just pack my bags and move from a *blacklisted country* with no funding, and a $500 jeep to a first world country that specifically filters out Americans because we're practically 3rd world.
![Lp. Сердце Вселенной #60 РОЖДЕНИЕ ЛОЛОЛОШКИ [Финал] • Майнкрафт](http://i.ytimg.com/vi/YoR0pAV9FVQ/mqdefault.jpg)
This month's champion of self promotion: Avery, from History Scope.
at Judit Kovacs - hopefully the next great economic crisis - recession /depression does not get me
@@TheNecropolis20 i
@@TheNecropolis20 are you still hodling?
You have the best understanding accent... ever
Switzerland had free trade?
“When people hit their lowest point, they are open to the greatest change.”
Prophetic words.
Avatar🤣🤣🤣🤣🤣
Don’t worry, mows the time to buy just what you need and save the rest, we will see this again, and that will be the end of this country as we know it.
For better or for worse
@@alanmeyers3957 ⁰⁰0ĺĺ Ll
In Recovery we call it our “rock bottom moment “
6:53 “as banks went rupt”
Hearing it made me chuckle.
@@Ken15643 loved it lmao
*The Big Sad*
Omfg bruuuh
The Colossal Blues
The Tremendous Despair
@@Jay-qb9gi The Overwhelming Malaise
The huge boo-hoo
glad i was born in 63 i had the best yrs of my life 70 80 90s after 2010 everythings gone down the drain 2023 be 60 this yr and im really glad im getting old cause im starting to not care anymore my spirit is going down lookin at the world today
We are the same age
Same here!
@@codzy3532 The only cool decades I saw was the 90's and early 2000's - When I see pictures of the 70's & 80's my heart sings.
What keeps me coming back to this video to watch and learn instead of running it as background noise is the simple excitement and passion you show with each fact that you present.10/10 would recommend
Lies again? Grab Drinks Google Drive
"The Great Depression Explained"= *furiously takes notes*
I’m watching this during history about The Great Depression
Fr tho this explains it better than my history teacher. YT has become my new history class now!
Weird finally getting a great depression video/documentary that isn't just the US / rise of moustache man
Finding data on the rest of the world was actually quite hard in the beginning. The Euro-centric and America-centric sources were plentifull and well-analysed while the rest of the world was just kinda forgotten...
In fact, for many years people assumed that Asia and Africa were fine because the governments still had enough money (which was used as an indicator of the economy at the time)... while completely ignoring the average people. This was really sad so I wanted to do better than that. Hope you enjoyed listening to the issues of Asia/Africa/Latin America
Right, I am trying to learn more and I am like "was it just America or what?"
@Exocentric No, it just that most source are from their perspective.
Foreal doe
Exocentric ironic you don’t understand how you’re perpetuating that stereotype
Coming out of facing alot, I knew two things about the stock market: It caused the Great Depression, and the fastest way to make a million on the markets was to start with two million. And then the Great Recession happened only a few years later. So yeah, I wish someone had better explained it to me earlier in life. Having a good entry and exit strategy will make you succeed in the stock market.
There are actually a lot of ways to make high yields in a crisis, but such trades are best done under the supervision of Financial advisor.
Exactly, most of the investors pays more attention to the profit aspect forgetting that the market involves ups and down. securing your financial position requires lots of patience and proper education on the market so as to know the right profitable stock to buy and invest in. I made over $260k in profits, from just the Q4 of 2021. Investing in the stock market is most profitable when you understand how the market actually works.
I really acknowledge your comment, i have been trading stocks for a while now but i have not been able to make much. how do you achieve this feat?
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Vivian Jean Wilhelm” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
Argentina every other decade: Crisis? What Crisis? There is no Crisis in Ba Sing Se
Kevinglas, the Earth King has invited you to Lake Laogai
You know, you killed it bro, because it applies for all the Hispanic America 🤣🤣🤣
@@cesarrsouza yes, we all know corruption and crisis are two words unsuited for Brazil
as a mathematically challenged person, i approve this video.
One bank in America in 2008: *LEMME GIVE YOU AN EXAMPLE*
Lolll
Woops the economy crashed (again)
BofA launders most of the cartel money
This is teaching me economy better than high school did.
No it isn't
"4 Degrees in Business and Economics"
And you make UA-cam videos...I'm disturbed by the implications that carries.
I love these videos, though.
Finding a job wasn't easy for me. UA-cam was my plan C
@@HistoryScope Hey HC do you plan on ever making a video on USSR economics and the growth from 1917 to 1991 ?
@@flavioardizio7242 Nope. I cover topics which everybody knows happened but most people don't know a lot of details. So I won't go indepth on such specific parts of history.
If you want a good video on the USSR's economy I suggest watching Economics Explained. His videos are amazing! Especially the one on the USSR!!
@@HistoryScope ok thank you still very much :)
The USA git off the gold standard several times and then went back on it again. This isn't "changing dates". This is "doing the same policy multiple times".
Yo, thanks for showing me just how global this crash was. I remember trying to find this out in middle school social studies waaay back when, but no one around me knew.
Also great song choices and timing, btw. Sound design is super underappreciated
"While countries like Japan and the USA were building themselves up, Europe spent 4 years blowing itself up"
By far the best line in the entire video. I laughed...HARD!
I feel that is the reverse right now
@@eldermoose7938 It seems that whatever country has the money tends to like to use it to build empires. Japan tried and ultimately failed in the 1940s. The American neo-feudal global corporate capitalist empire will fail at some point too.
@@BTsMusicChannel naw that was a different time
$TRAIGHT UP
not true in the second world war two though
Who else is here before this happens again in 2024
U and everyone else should all pull ur money out of the banks at the same time to avoid the consequences.
Here November 15th 😢
Who is here in 2025 waiting for this to happen under Trump....😮😢
History Scope: talks about a recession
Me in 2020: *cries*
@Ronald6Wilson6Reagan6 Lol, because Socialists always make their nations better. Like Venezuela, or the USSR, Cuba, PRC and so forth.
@EmperorJuliusCaesar Are you also ticking all the bad decisions being listed in the video because they are being made all over again (not only in the USA)?
@@gruntdetonators The unprecedented rate of growth the USSR experienced under socialism was faster than any society had seen up until then, and was only matched by the even faster expansion of China... Venezuela ranks higher than the USA currently, and Cuba was a plantation, so yeah, they've improved.
@@gruntdetonators an insolent! China will always thrive!
Not a good felling knowing your the new "lost generation"
Thank you so much for the global view of this time frame. I've looked and looked for info on the effects of the Depression globally and can't find much info.
I was going to complain about the lack of antarctica, but you just barely put it in :-)
I actually did do extra research into Antarctica. When I said Antarctica was "totally fine" I actually meant it. There wasn't a decrease in expeditions or fewer research stations being set up.
I thought it would be cool to talk about how a recession reduces spending on research by using Antarctica as an example... but I couldn't find any evidence that Antarctica 'economy' (if you can call it that) suffered because of the Great Depression. It would have been fun to talk more about it, but alas, there was nothing of note happening in terms of the Great Depression in Antarctica at the time.
Wasn’t a whaling station in Antarctica abandoned due to the Great Depression?
6:22 This is a really well documented phenomenon and if you want to know more about it, it’s called a “Bank Run”, it’s similar to people storing water in bathtubs during a water shortage or people filling up gas cans during a gas shortage. Small shortages or hiccups can become very dire when these practices take place
Except that some people had entire reservoir of water storage that they wanted to fill up.
Great analogy 👍🏻
I guess you can say we had a toilet paper run during the China virus.
guess we all know what a bank run is now
@@horaceroyal5289 lol
when corona started everyone went buying
The fact that this is free is stunning and awesome. Love your work, keep it on ;)
Just goes to show you how intertwined everything is. The chain reaction and Domino effect is astounding.
Amazing explanation as always! I also encourage more economic analysis in future videos!
I loved the economic and sociopolitical aspects being brought together for the bulk of the video. Especially for Africa, Asia and Latin America, which all too often get barely mentioned (if at all) within anglophone countries' education
I guess my only new comment is asking if more frequent videos of this quality of clarity and research can become a new gold standard, if you will
This is happening now. In July 2023 in Canada 45,000 housing construction jobs were lost as the housing market has ourpriced itself.Demand has driven prices up so an average house is a million dollars. People can’t afford a mortgage for that which would cost $8000 a month. This has a knock on effect for housewares and appliances. That results in unemployment for people who make those things. This trend is developing now in August 2023. 2024 could look like the Great Depression.
At about the 3 minute mark you said, "Suddenly the values of these shares dropped..." Can you explain what caused this drop? This seems to be the most important part of the story...but there is a gap here.
Likely a natural slowdown in the business cycle. For example, if almost every family in the US owned a home in the late 1920s, then companies involved in building a house (construction companies, household appliance manufacturers, interior designers, cement/lumber suppliers, etc) would experience a slowdown in sales, which results in lower profits. They're still making money, just not as rapidly as before. Suddenly investors aren't as attracted to the shares of these companies and now everyone's thinking, "if profits decline then the share price will decline too, I better sell these shares while they're still high" and true enough the share price tanks as every investor heads for the exit. Now imagine this happening to several different companies in multiple industries.
Plus, same as today the bigs will sell at the same time. Once, twice, three times. Insider trading.
more sellers than buyers
Endemic corruption was rife. The Hoover government sat on its hands and did nothing about corruption, which finally caused a massive collapse.
Laws and safeguards were put in place to prevent many suspect practices.
Reagan in his wisdom, followed by the Bushs, undid many of these safeguards.
"Too much red tape," the fools waffled.
Unscupulous people seized on this, and we had the World Financial Crisis.
History repeats, as the rise of ultra right wing lunacy shows us.
Another war?
Margin calls forced the selling of stocks, driving prices lower as the distressed assets failed to catch a bid.
1:24 US Industrialization 🏭
2:03 US people bought shares in a company.
2:44 1929 STOCK MARKET PLUMMET IN PRICE
3:40 Less Spending, Less Business Profit, Less Businesses Can Stay Open/In Businesses, Businesses go out of business. People get fired/let go/can’t be paid anymore by their boss/business.
6:03 Inability to pay 💰 debt -> Bankruptcy.
6:36 RUN ON THE BANKS 🏦 end banks 🏦
7:18 ECONOMIC COLLAPSE
8:14 Prices fell, people delayed buying stuff, more businesses went bankrupt.
9:20 Quarterly Economy Reports track the economy.
3 Declining Quarters is named a Recession.
10:57 US drops The Gold Standard.
13:20 US Solutions to Bank Collapses.
The Great Depression in Latin America
14:43 Primary Good Production.
17:07 Government destruction of surplus production.
19:00 Striking and riots over poor living conditions.
The Imperium Entrance theme was a truly amazing touch... really shows that your work is sacred. love the channel
My grandmother told me she didn't notice the great depression. They were so poor to begin with.
Ive been waiting for this to come out and I'm glad it's here. Great video once again, can't wait for the next one!!
I was a business student back in college.
First time i actually enjoy a lesson in Economics :)
Now that Lebanon (my country) is going through the same thing (almost) i'm going back to 'school'
Thanks!
18:34
I think that you are missing the point.
I think that the cotton didn't get more competitive (in $) because the currency became less valuable, it was because the currency *was being* devalued at that moment, and thus people were willing to accept a lower payment of a stable currency rather than a full payment of a currency of decaying value.
You're correct about that. But this video is for the people who didn't study economics.
There are A LOT of factors I left out or simplified. This is one of them. People who know more about economics can easily fill in the blanks (like you just did) while those who don't know a lot about economics can still get the basic principals without getting an information overload
This is a nice documentary. I am now subscribed
Love the videos, can you please mention more years, especially in the more historically spread out videos? I loved the tulip and Aztec videos but was a bit confused on the timeframe these events took place, especially the stuff in the middle. Keep up the great work man you’re killing it!!
The pan-African colours at 30:50 is a nice touch
This is possibly the best explanation I have ever seen, thansk so much
Very nice to see this topic covered on a worldwide scale for a change. Kinda weird that I just finished a book about 1968 that also covered the entire world, rather than just here in the U.S.
Fantastic explanation, this video both entertained me and educated me, it's not easy to address complicated issues simply, many thanks
Phenomenal video. One of the best I’ve seen on this topic. Subscribed. Thank you 🙏
20:50 I can see you're a man of culture.
love it
Live fast and prosper!
They should teach the rules of acquisition in business class.
this all happened because of one idea "getting more money with little to no effort" in other words "investation"
Thanks for making such a long video in such a short amount of time!
It took me 2 months. That's way too long. Next video will hopefully be faster and shorter (unless people vote for African decolonisation... I see now way how I can make that a shorter video)
Thanks. This was so easy to understand. And I must give kudos to you for making your voice much louder than the background music.
Perfect video.
Every visit at the therapist is "the great depression explained"
Wow, Mr. Scope, that was outstanding! Such a full breakdown of the depression and bang on the money as far as accuracy, from my knowledge of those days before me, but that my parents saw Lot of changes, and that silly genius Keynes set the protocol....and it works. Remarkable. Thanks!
cheers
"As banks went rupt"
Heeheee...perhaps he's Romanian, where it is often used for 'torn' or 'broken'. We presume he meant 'broke'. Love how language evolves.
@Dave you probably know this but he is Dutch
@@daveyinparis1 I'm thinking he was being punny
@@jkfozul2316 Of course. That's a thought. However, it would work with an unmarked accent and the emphasis on 'rupt'. However, with his heavy accent it sounded like a mistake. Now that I realise he is Dutch, the word 'rupts' is in that language too so he might have presumed that it translated to English. All very interesting.
Well done! Complete, easy to follow (for such a complex topic) with very helpful graphics. Thanks!
The U.S. sneezed-England got the flu- Germany got pneumonia.
Most countries: nooo we lost our jobs and now our people are starbing :(
The USSR: Wait weren't we supposed to normaly starve?
That actually sums it up perfectly!
North Korea now.
the extreme droughts were a big problem ...
the zars ususally didnt care for the well being of the people they treated like slaves. thats why these poor oppressed farmers and workers over threw the monarchy to establish a system that works for the people.
still there were these droughts, and only by forcing the church to give parts of its hoarded wealth to the starving people brought a solution!!!
these rich clericals and nobles did EVERYTHING to keep their extreme riches and let their fellow men starve! just fyi ;)
@@VivienneShakur Then Uncle Lenin reinstitute serfdom under the name of Kolkhoz and wage war against workers and peasants! Happy End!
couldnt be furthest from the truth. in fact we were doing quite fine while the rest of the world starved
Best educational channel I have come across internet
"Dude with Charlie Chaplin mustache". Lol I love your sense of humor man.
I am very happy to have found your chanel. This is how things are to be explained. All thumbs up!
At least one Depression-era tariff, the Jones Act (Merchant Marine Act) of 1920 (yes, I know that's a little bit before 1929, but still), prohibits foreign-registered ships from carrying goods between US ports, and that still a major problem since that means that a) much of America's domestic shipping has to happen across highways and rail where it more easily happen across rivers or along the coasts, and puts much unnecessary stress on ground infrastructure; and b) forces mostly Panamanian-registered and -crewed cruise ships to visit foreign ports before returning to US shores (the only exception as I write this is a Norwegian-owned cruise line that operates out of Hawai'i).
That Jones act fucked Puerto Rico the likes no other law has fucked a country in a long, long time. To this day, the economy of Puerto Rico is a disaster all thanks to the Jones Act.
This was immensely informative and enlightening. You just got yourself a new subscriber.
Woop, I like the use of historical videos.
I found some really good ones from Asia in the 1930s. It's fascinating to see the footage... unfortunately the voice overs were extremely racist (calling all Asians 'simple' for example) so I didn't share the in the descriptions. You can find them yourself by looking up "asia 1930s". Once you find one video your recommendations will likely fill with several others.
That was very interesting
Although being very basic tells me that we all have to get along together and share prosperity not Embrace greed.
So much hard work on this video! Really well done 👍 🙏
43 minutes, we’re in for a treat
"As banks went rupt" may be the best quote
Some omissions in the content as to cause and continuation: #1. The cause and length of the Great Depression was in part due to the Federal Reserve Bank's (rich insiders) contraction of money supply. #2. The Roosevelt administration favored tariffs because it was beneficial to their political allies, the large unions, though the new tariffs caused huge problems for those outside the unions. The Fed and the Federal government prolonged the suffering of Americans for their own benefit.
Right... Because the entire world hinges on the USA...
Please stop being so America-centric. There were a lot of reasons it happened. Not just one.
History channel could never. Thank goodness you exist
Thank you for giving me quality content to watch! :)
In Argentina the Depression hit hard as fuck. We had our first coup in 1930 wich led to another one and another one and another one and another one
This was a great video on the ironically called Great Depression. This was very informative. Thank you for your teaching.
Brazil was like "I'll do myself then"
As a Brazilian I can relate lmao
We usually do ourselves when we can't pay for something. Like myself I was feeling tooth pain due to a open cavity, and I cant pay a dentist, so bought myself filling and filled my cavity 😂
I'm not feeling pain anymore at least.
Be careful doing this because you are just filling the cavity, not getting rid of it and then filling it, the cavity is still there, it’s just underneath, this will eventually lead to internal tooth decay and possibly a lot worse and more expensive issue like root canal.
Smartest South American:
Saying that the USSR was economically worse than the West because of a lack of international trade is way oversimplifying it, though it should also be noted that the Soviets tried to enter the global economy throughout the interwar period and got routinely rejected in that process
ussr was a very weakly industrialized place, trying to recover from famines, from white terror by ravaging feudalists, constantly being spied out and attacked by imperialist western countries that longed for its oil (by standard oil) or its resources (hitler). the nationalization of its banks and real public property rubbed the capitalists the wrong way.
they fiercely opposed this material based, stabil system, in favor of their extreme volatile, debt based system, causing one crisis after the other and extreme poverty for the masses and extreme wealth for the few. because in all these explanations is missing that in the west was extreme oppression of the masses, which made socialist ideas so attractive to the proletarians of the world and the colonialized natives.
At no point do I say such a thing in my video, though.
It was weak due to having a lower production in total and per capita, while also being very wasteful... Not because trade was low...
@@HistoryScope i have to disagree about wastefulness of socialist production. this is actually a blatant lie used by capitalists to denounce socialist economies.
it is very resourceful because it is a PLANNED economy. it produces exactly the DEMAND of the WHOLE people.
in capitalism is quite the opposite. it is called anarchical production. demand is not calculated as a whole. every factory owner produces whatever they want to and afterwards they figure out how much is actually demanded. true demand that is unsatisfied is disregarded. demand is also only defined as such if it is backed with money.
most of the time producers use advertising and trickery to sell their unnecessary products and bomb the people day and night to buy their products.
it is so bad, that the products are build to break and to throw away. this is very unresourceful and causes all this trash!!
which totally differs in socialist production where products have to be highly functional, have to last for a very long time and have to be repairable. the aim is to equip all people. (also the recycling was invented by socialists. the trash caused in socialist countries is therefore very few.)
in capitalist production the aim is to accumulate profits for the owners of this factory.
production was low in the beginning of the ussr. later on it was constantly rising, only kept lower than it should have been by capitalists like McCarthy and them using extremely high tariffs against all socialist economies and bitter embargos. countries that wanted to join the socialist trading system were brutally bombed and fascist terrorists were strategically build up and financed to hinder a growth of socialist markets.
Planned economies cannot provide enough supply as they aren't versatile enough.
And no, they were VERY wasteful. A good example is the amount of concrete produced vs how much they actually used/needed.
Recycling has been around for millenia... So socialists didn't invent that either.
Socialist economies also weren't well known for the quality of their products, quite the opposite in most cases.
@@HistoryScope this is simply not true. the product quality was WELL known! and the products still work today!! they were so good, that they filled the catalogs of Western retailers, just renamed. Take the GDR, it was an export nation, with over 50% dependency on export!!
you have to really research unbiased!
i think you dont mean quality, you talk about technological advance, which was achieved by denying access to techology to socialist countries by cocom and chincom, the trade embargo!!
i dont know where you have opinions from, but the amount of trash produced by capitalist societies exceeds extremely the amounts of trash produced by socialist societies!! the denial of access to capitalist markets by cocom and the super high tariffs against socialist countries FORCED them to be very effective. everyone knows this! thats why they had set up the recycling system, before any capitalist country, who ship their trash to other countries.
planned economy of GDR was able to supply everyone in the country with a home, health care, affordable public transport, food, free education and even grants for EVERY student. beat this.
what you call versatile, we call unresourceful. unnecessary production, how many cars are standing around rusting on fields in the nowhere? how much food is thrown away? how many clothes are produced to fall apart after 3 wears? please pay attention. dont be opinionated and biased. have a scioentific approach to this. you already destroyed my country. can you at least after 30 years pay attention to what you destroyed, thanks.
capitalist countries fail to supply the basic needs of large parts of their people, they simply dont view them as deserving.
the only time that the socialist system broke down was when the Saudis produced so much oil in 1985 that the oil price plummeted. this caused the ussr to have a financial crisis, because it is an oil exporting country, also the GDR fell into a crisis, because it refined oil to fuels and depended also heavily on export.
while the capitalist countries who were already the most indebted of the world gave eachother credit to affordable conditions, this was not the case towards socialist countries. to finance the imports from capitalist countries (plus all those too scared to become socialist -> nukes), which were way cheaper sold to capitalists, the interest rates were very high!
the trade between socialist countries didnt use interest rates. it was a material based system. keep that in mind. a stabil, real economy trade system.
which person with a functional mind can deny the benefit for the whole earth?
Aaaaah I LOVED this video!
The Latin American part is very well done (as all the other ones) but the Brazilian bid I can affirm that was spot on... I think every Brazilian kid learns about the coffee crisis because it was insane and it caused a gigantic shift in politics, making sure that other areas other than Rio de Janeiro or São Paulo would be properly supported by the executive government. A few decades after that shift, they made Brasilia: in the middle of Brazil, the new capital.
I love history so much
Yeah, Brasil have everything and unfortunately most Brazilians have corrupt mindset ruin everything that prevent Brasil being amazingly prosperous. It’s a sad sight to see a once beautiful city like Rio de Janeiro turned into shithole even worse is the economical powerhouse São Paulo only get cleaned when there is election and can’t even maintain its historical areas, so there is nothing but concrete high raises buildings, disgusting pollution and traffic jams. Brasilia looks like Moonbase Alpha TV series from the 70ties and is nothing than a shelter for greedy corrupt national politicians.
I saw the 2008 recession coming in 2006 when i read that house prices in some areas were doubling in 3 years. That's a bubble, they eventually pop.
My dad noticed the same thing
Interesting
Watching this for my APUSH class right now. You did a really great job of explaining this whereas I wouldn't understand much from reading a normal textbook. :)
It's nice to see a full on explanation of the Great Depression rather than
"The Stock Market crashed and life was hard, OK onto WW2“
History is a great teacher!
42:42 loved the Avatar reference!
When I heard that, I was painting, so for an instant, I wondered if maybe it had been a line from a philosopher that had just also been referenced by Aang. But I looked up in time to see the arrow and I knew. My heart is full
What a great channel to understand history of trade, business and so many other things..
It's amazing how a UA-cam channel run by one or a few People is better, more accurate and more entertaining than TV channels, Discovery, nat geo, that cost millions and employs hundreds
The more people you have, the less humanity you have. In large organizations, the individual has no say. If someone wants to make change they can’t really do so. It can be great in business, but in yt videos it’s not. Just look at buzzfeed
American documentaries tend to be pretty bad, PBS puts out some pretty good UA-cam documentaries
It baffles me how many people don't understand the simple economic mechanisms explained here. Currently, we're in a super bubble and many people are going to learn the hard way what happens when prices get out of hand and the economy implodes. For those spending like there is no tomorrow and with little savings I wish you the best of luck! You're going to need it!
Businesses keep producing products even though consumers are not buying. This is so they can keep paying their investors and employees as well as fixed costs like buildings and machinery. But, and this is big BUT, the money has to come from somewhere and it isn't coming from consumers. So, where is it coming from? It must be coming from banks in the form of further loans, and investors. This is where it becomes a scam. Business owners are promising a return, knowing they can't deliver. So, instead of a slow, and perhaps manageable decline, a dramatic and percipitous crash in the economy occurs, once the scam is revealed. The Great Depression was not an economic failure, but a lie uncovered.
What he didn't explain was why the stock market crashed so badly in the first place, the domino effect that happened after was obvious, but why did it crash? If all the businesses that people had shares in were still operating why on earth does their value all drop at once? If it is all an illusion why not just manipulate it so it doesn't happen?
This was such a refreshing video - as a Brit my knowledge of the Great Depression has always been limited to the US, UK, Germany with a mention of the rest of Western Europe if a teacher was feeling spicy. It's really interesting to hear how the rest of the world dealt with it, far more interesting than the US/ UK perspective.
How do you not have more subs???I love you work and talent
Big ups to you guys for keeping this piece of important history alive✨
Why you use that emoji
It makes my day every time I hear him. I love this mans voice sooo much.
I feel like I am gonna need to know more about the great depression and other downturns for the next couple years to come 😂 great video, thank you!
I love the fact that you're pointing out money is gold for those who know what Au is
Well that would be impossible to do considering I'm in my late 50s and I'm more interested in investments that could set me up for retirement in my 60s, my goal is at least $2million.
As you plan your retirement, be sure to
talk with a financial advisor who can help you make the most of your retirement investing scheme.
@@BrunoLuke Very true, If you're looking for help
building a retirement nest egg, you most likely want a certified financial planner with expertise in retirement planning. With the aid of a coach, I grew my reserve from $160k to almost $600k during this Red season.
@@harrisonjamie794 How can one find a verifiable financial Planner, I buy the idea of employing the services of a Financial Advisor because finding that balance between saving and living requires counsel.
@@harrisonjamie794
Thank you so much! Found her webpage and left a message. Hopefully, she responds.
Finally, One that doesn't just talk about the USA, It spread to SEVERAL other areas, Way more than just america, Hopefully, This video gets blessed by the algorithm.
Excellent Video! 👍 Keep the videos coming. [subscribed]
I really like these videos.. I am a visual learner so the simple diagrams make the topic easier to understand. That is good because these topics can get complicated.
So basically most economic crashes are caused by banks funding bad loans.
Great depression
2008
2023
Great. When are we going to regulate them
Bad treasury for 2023
3:54 a business having a mortgage and not just renting a location is practically unheard of lol.
This sounds eerily similar to Covid and QE
Wonderful content! Congratulations! Thanks for doing such important historical research material.
hey nothing wrong with maths in a video, i for one wish there was more.
I just started the video so idk. BUT MATH IS THE SPAWN OF THE BOWLS OF EVIL. BURN IT AT THE STEAK.
@@baronvonjo1929 go away
@@baronvonjo1929 I think you may just not be good at it
@@maia3487 I am not.
Thanks for covering the topic with simplicity and attention to detail at the same time, especially since we leaving in times that something similar will happen
This won’t happen talent is beginning to swell up and innovation will stay strong
Money is only gold or silver. People did not use money they used debt based currencies.
Can someone please tell me the name of the song that starts playing at 7:20?
2020: wanna see me do it again?
@EmperorJuliusCaesar well said 👍
My guy has the best background music; classical music, I love this video.
Why didn't they just hire therapists if everyone was depressed
Very well made video, and good explanation.
42:20 "What we expect from wealthy countries..."
As an American, I have never been so offended by something I completely agree with.
I'm glad someone got the not-so-subtle hint :D
You can always emihrate to a European country.
What a cringe statement.
The sad thing is, he’s not exactly wrong either.
@@Alaryk111 Sure, let me just pack my bags and move from a *blacklisted country* with no funding, and a $500 jeep to a first world country that specifically filters out Americans because we're practically 3rd world.
This is the first video I found where I actualy understand why it started