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.
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
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
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
My greatest concern is how to recover from all these economic and global troubles and stay afloat especially with the political power tussle going on in the US.
@@marianparker7502 I agree with you. I ventured into stock with less than $100,000, and now I'm about 17,000 short of half a million dollars. Credits to Nicole Ann Sabin . She's verifiable.
@@Robertgriffinne I just looked up this person out of curiosity, and surprisingly she seems really proficient. I thought this was just some overrated BS
@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.
I find the use of slave labour in Liberia pretty ironic as the country was founded by freed slaves, the freed slaves emerging as a privileged ruling elite is pretty interesting too.
Keep in mind Europeans didnt invent the african slave trade, they just subverted it. Slavery was super prevelant there before Europeans got involved and the last countries to ban it were mostly african ones.
@@arthas640 Slavery was a moral necessity since ancient times But Trans atlantic slavery specifically in recent centuries was quite unusual even for slavery standards. The reason why historians tend to focus on that even when Africans, Arabs, or Berbers enslaved people from Africa for like 1000+ years is because the economic effects were a whole different league.
@@louvendran7273 I’m sure it’s because of the force breeding and economic/education murder of people who at the time made up a 3rd the the us population and the financial problems of loosing millions of free labor
@@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".
"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.
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.
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.
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.
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?
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.
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
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!!
@@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.
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.
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!
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
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
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.
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
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 ;)
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
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.
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.
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)
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.
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.
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!
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?
I don't know how true it is, but the US President who was in office when the Great Depression started, Herbert Hoover, at least according to CBS News, pushed for the word Depression to be used as the word that was previously used for such economic problems, "Panics," implied unnecessary chaos. Little did he know that the word would be stuck to him for the rest of his life. While campaigning for the Presidency in 1932, Franklin Roosevelt kept calling it "the Hoover Depression," but eventually, after Roosevelt's successor, Harry Truman welcomed Hoover back into public life, Hoover was able to joke about his being the only President to have a Depression named after him. However, it took him a long time to get there
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 love it when people say abandoning the gold standard is a good thing. You can't just print more money than you have gold, you just devalue your currency. The people at the top have their assets increase in value whilst all the people at the bottom see are the prices of their groceries go up. Inflation is just a tax on the poor and the working classes...
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. :)
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.
@@HistoryScope central planning was what caused the great depression in the first place, along with the 2008 market crash and the rising inflation we're seeing now.
@@HistoryScope the central planners were and still are the central banks which are regulators for regular banks. These are the central planners that manufactured the great depression so they could blame regular banks and gain more power. They did the same in 2008 and they are going to do the same in the next year or two when the economy crashes again due to their ridiculously low interest rates and money printing they've been doing since 2008. The same thing is happening in the European Union. The European Central Bank (ECB) is trying to centralise and gain more power as they keep gaining less accountability over their people in the EU and laws that make them less able to be changed by the European parliament . Remember, central banks are regulators for normal banks, this means regular banks *HAVE* to listen to central banks or they lose their banking licence. The central bank keeps printing money and lowering interest rates, telling regular banks to give out cheap loans for non productive means. This causes a bubble and when it pops, the central banks go to the government and say "if only we had more power and control to regulate banks". The gov gives them more power to regulate and the central banks impose strict rules on *ALL BANKS*. This essentially wipes out smaller banks and is leaving only big banks to compete as these are the only banks that have enough money to keep up with the reporting that needs to be done to the central bank. The next step is for central banks/central planners to out compete the large banks and be the ONLY bank left for people to go to. This way they have all the power to control how people spend their money. If you don't believe me, look up what central bank digital currency is and you will be able to see that the European Central Bank is trying to compete in the banking industry. Remember, central banks are the *REGULATORS*, so this of course a conflict of interest. If you want to understand in better detail, look at Richard Werner's work on this topic
When people complain about corporate bail outs, and have an indifference to the stock market, it is because they do not understand how much of an effect these things have on their life. I would argue that if you live paycheck to paycheck, or manage to save a small amount of money every month, that these things are CRUCIAL to your economic survival. Lots of jobs, means the value of your labor goes up. The most interesting take away for me, is that taking out bank loans to gamble on the stock market was a major factor. Interesting to me because it is quite similar to one of the causes of the housing crisis of the 2000s.
This video is expertly produced and is so enjoyable to watch. Unfortunately, it perpetuates a myth about the fundamental cause of the Great Depression. The Great Depression was actually caused by contractionary monetary policies of the US Federal Reserve and the European Central Banks. Both were afraid of gold flight so they artificially raised the interest rates on reserves. The net effect was to decrease the money supply and create a world we saw in the great depression - unemployed people, capital, and resources. Falling price levels and the declining cycle was explained expertly in this video. The Stock Market crash did not cause the Great Depression; we had numerous crashes without effect. It was bad policy on the part of Central Banks. They decreased the supply of money at the very time that an increase in the supply of money was needed. As the video points out, when the supply of money eventually increased then the Great Depression was over. Don't just take my word. In 2002 Ben Bernanke (former chairman of the Board of Governors of the US Federal Reserve) made this startling admission in a speech given in honor of Milton Friedman’s 90th birthday: “I would like to say to Milton and Anna: Regarding the Great Depression, you’re right. We did it. We’re very sorry.”
You are correct. The handling of the depression as it relates to monetary policy in the US is what caused the depression to extend nearly a decade throughout the entirety of the 30s. According to Milton Friedman, Thomas sowell, and the Hoover institution FDRs policies, mostly overspending and using government services to provide jobs, continued to worsen the inflation rate. Unemployment under Hoover hit a max of i believe around 12 percent at the beginning of the depression and a low of around 4-6% while allowing the economy and markets to handle themselves. He was criticized for not doing much to prevent or stop the depression but the federal reserve was created for just that purpose and failed, and Roosevelt did much more than needed.
@@KobaltBlue680 Yes! Even Former Fed Chair Bernanke agrees. On November 08, 2002, Ben Bernanke gave a speech where he outlined his - and Milton Friedman's - analysis of the Great Depression. (It was Friedman's 90th birthday.)
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
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
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 can explain it in less than 44:10. Imagine somebody took your cell phone away for one week. That's what the great depression felt like, except you were always hungry as well.
Being unable to print as much money as you want because of the gold standard is not a "drawback" it the strength of the gold standard! Endless money printing is what causes today's bubbles and also poverty through inflation.
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 “
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
*The Big Sad*
Omfg bruuuh
The Colossal Blues
The Tremendous Despair
@@Jay-qb9gi The Overwhelming Malaise
The huge boo-hoo
6:53 “as banks went rupt”
Hearing it made me chuckle.
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
"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!
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 🤣🤣🤣
@@AndresGomez-ws3fx exactly. Glad you left Brazil out of the comment 🤣
@@cesarrsouza yes, we all know corruption and crisis are two words unsuited for Brazil
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!
One bank in America in 2008: *LEMME GIVE YOU AN EXAMPLE*
Lolll
Woops the economy crashed (again)
BofA launders most of the cartel money
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.
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
My greatest concern is how to recover from all these economic and global troubles and stay afloat especially with the political power tussle going on in the US.
@@marianparker7502 I agree with you. I ventured into stock with less than $100,000, and now I'm about 17,000 short of half a million dollars. Credits to Nicole Ann Sabin . She's verifiable.
@@Robertgriffinne Thank you! i just looked her up and sent a message hoping she gets back to me.
@@Robertgriffinne I just looked up this person out of curiosity, and surprisingly she seems really proficient. I thought this was just some overrated BS
This is a scam
@@spongeboimebobbb it sure is. Nicole Ann Sabin cannot be trusted. She threw my dog into a woodchipper.
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"
This is teaching me economy better than high school did.
I find the use of slave labour in Liberia pretty ironic as the country was founded by freed slaves, the freed slaves emerging as a privileged ruling elite is pretty interesting too.
Animal Farm.
Keep in mind Europeans didnt invent the african slave trade, they just subverted it. Slavery was super prevelant there before Europeans got involved and the last countries to ban it were mostly african ones.
@@arthas640 Slavery was a moral necessity since ancient times
But Trans atlantic slavery specifically in recent centuries was quite unusual even for slavery standards. The reason why historians tend to focus on that even when Africans, Arabs, or Berbers enslaved people from Africa for like 1000+ years is because the economic effects were a whole different league.
200
@@louvendran7273 I’m sure it’s because of the force breeding and economic/education murder of people who at the time made up a 3rd the the us population and the financial problems of loosing millions of free labor
Just goes to show you how intertwined everything is. The chain reaction and Domino effect is astounding.
"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".
This sounds eerily similar to Covid and QE
"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
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.
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?
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.
The fact that this is free is stunning and awesome. Love your work, keep it on ;)
as a mathematically challenged person, i approve this video.
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.
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.
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
2023 Welcome back to the final road to the GREAT’GREAT’ DEPRESSION.
The Imperium Entrance theme was a truly amazing touch... really shows that your work is sacred. love the channel
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!!
"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.
My grandmother told me she didn't notice the great depression. They were so poor to begin with.
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.
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.
2020 be like
The Great Depression 2: Electric Boogaloo
Bois....we have a Hermit Craft fan.
@@prohz9129 OMG get out of my head 🤣
A guy: (sneezes)
Everyone: React like confronting a suicide bomber.
hi
Didn't age well...
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!
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
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
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!!
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
Star-spangled Banner
Dvorak: Symphony#9
Brahms: Hungarian Rhapsody#5
Bizet: Habanera
Beethoven: Symphony#9
Dvorak: Symphony#9
Every visit at the therapist is "the great depression explained"
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.
"Dude with Charlie Chaplin mustache". Lol I love your sense of humor man.
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
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
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
This is possibly the best explanation I have ever seen, thansk so much
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:
Fantastic explanation, this video both entertained me and educated me, it's not easy to address complicated issues simply, many thanks
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“
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.
History channel could never. Thank goodness you exist
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.
"As banks went rupt" may be the best quote
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)
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.
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.
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!
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?
This is the first video I found where I actualy understand why it started
43 minutes, we’re in for a treat
I love the fact that you're pointing out money is gold for those who know what Au is
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
You mean “the big sad” right?
Yes.
This was a great video on the ironically called Great Depression. This was very informative. Thank you for your teaching.
I don't know how true it is, but the US President who was in office when the Great Depression started, Herbert Hoover, at least according to CBS News, pushed for the word Depression to be used as the word that was previously used for such economic problems, "Panics," implied unnecessary chaos. Little did he know that the word would be stuck to him for the rest of his life. While campaigning for the Presidency in 1932, Franklin Roosevelt kept calling it "the Hoover Depression," but eventually, after Roosevelt's successor, Harry Truman welcomed Hoover back into public life, Hoover was able to joke about his being the only President to have a Depression named after him. However, it took him a long time to get there
Thank you for giving me quality content to watch! :)
This is a nice documentary. I am now subscribed
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.
The U.S. sneezed-England got the flu- Germany got pneumonia.
I love it when people say abandoning the gold standard is a good thing. You can't just print more money than you have gold, you just devalue your currency. The people at the top have their assets increase in value whilst all the people at the bottom see are the prices of their groceries go up. Inflation is just a tax on the poor and the working classes...
Genius economics. Bring back the gold standard and get rid of inflation lmao
You Incorporated a rule of acquisition into a economic history lesson. You've earned a subscriber.
Why didn't they just hire therapists if everyone was depressed
Phenomenal video. One of the best I’ve seen on this topic. Subscribed. Thank you 🙏
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. :)
Best educational channel I have come across internet
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.
The Domino Effect is just insane. It's amazing how 1 small screw up can cause such destruction in so many different areas and people.
i just get this feeling that central planning doesnt work, and that leaving the market alone is the best approach to a successful economy
That's how you get monopolies, 14-hour work days, and slavery.
@@HistoryScope central planning was what caused the great depression in the first place, along with the 2008 market crash and the rising inflation we're seeing now.
The countries that suffered from those things didn't/don't have central planning...
@@HistoryScope the central planners were and still are the central banks which are regulators for regular banks. These are the central planners that manufactured the great depression so they could blame regular banks and gain more power. They did the same in 2008 and they are going to do the same in the next year or two when the economy crashes again due to their ridiculously low interest rates and money printing they've been doing since 2008.
The same thing is happening in the European Union. The European Central Bank (ECB) is trying to centralise and gain more power as they keep gaining less accountability over their people in the EU and laws that make them less able to be changed by the European parliament . Remember, central banks are regulators for normal banks, this means regular banks *HAVE* to listen to central banks or they lose their banking licence. The central bank keeps printing money and lowering interest rates, telling regular banks to give out cheap loans for non productive means. This causes a bubble and when it pops, the central banks go to the government and say "if only we had more power and control to regulate banks". The gov gives them more power to regulate and the central banks impose strict rules on *ALL BANKS*. This essentially wipes out smaller banks and is leaving only big banks to compete as these are the only banks that have enough money to keep up with the reporting that needs to be done to the central bank. The next step is for central banks/central planners to out compete the large banks and be the ONLY bank left for people to go to. This way they have all the power to control how people spend their money.
If you don't believe me, look up what central bank digital currency is and you will be able to see that the European Central Bank is trying to compete in the banking industry. Remember, central banks are the *REGULATORS*, so this of course a conflict of interest.
If you want to understand in better detail, look at Richard Werner's work on this topic
When people complain about corporate bail outs, and have an indifference to the stock market, it is because they do not understand how much of an effect these things have on their life. I would argue that if you live paycheck to paycheck, or manage to save a small amount of money every month, that these things are CRUCIAL to your economic survival. Lots of jobs, means the value of your labor goes up.
The most interesting take away for me, is that taking out bank loans to gamble on the stock market was a major factor. Interesting to me because it is quite similar to one of the causes of the housing crisis of the 2000s.
“Black Death and Hookers”! LMAO! Can’t wait to see an episode on pirates and finance
This video is expertly produced and is so enjoyable to watch. Unfortunately, it perpetuates a myth about the fundamental cause of the Great Depression. The Great Depression was actually caused by contractionary monetary policies of the US Federal Reserve and the European Central Banks. Both were afraid of gold flight so they artificially raised the interest rates on reserves. The net effect was to decrease the money supply and create a world we saw in the great depression - unemployed people, capital, and resources. Falling price levels and the declining cycle was explained expertly in this video.
The Stock Market crash did not cause the Great Depression; we had numerous crashes without effect. It was bad policy on the part of Central Banks. They decreased the supply of money at the very time that an increase in the supply of money was needed. As the video points out, when the supply of money eventually increased then the Great Depression was over.
Don't just take my word. In 2002 Ben Bernanke (former chairman of the Board of Governors of the US Federal Reserve) made this startling admission in a speech given in honor of Milton Friedman’s 90th birthday: “I would like to say to Milton and Anna: Regarding the Great Depression, you’re right. We did it. We’re very sorry.”
Adam Smith you are an Angel now
You are correct. The handling of the depression as it relates to monetary policy in the US is what caused the depression to extend nearly a decade throughout the entirety of the 30s. According to Milton Friedman, Thomas sowell, and the Hoover institution FDRs policies, mostly overspending and using government services to provide jobs, continued to worsen the inflation rate. Unemployment under Hoover hit a max of i believe around 12 percent at the beginning of the depression and a low of around 4-6% while allowing the economy and markets to handle themselves. He was criticized for not doing much to prevent or stop the depression but the federal reserve was created for just that purpose and failed, and Roosevelt did much more than needed.
@@KobaltBlue680 Yes! Even Former Fed Chair Bernanke agrees. On November 08, 2002, Ben Bernanke gave a speech where he outlined his - and Milton Friedman's - analysis of the Great Depression. (It was Friedman's 90th birthday.)
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
It makes my day every time I hear him. I love this mans voice sooo much.
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
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.
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!
It explained the domino effect from the cause - the stock market crash - but didn't explain the crash itself.
wish you went more into why stocks took a nosedive in the first place.
3:54 a business having a mortgage and not just renting a location is practically unheard of lol.
Big ups to you guys for keeping this piece of important history alive✨
Why you use that emoji
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.
It's horrible to learn what happened to Antarctica during this time. Thanks for the great video.
I can explain it in less than 44:10. Imagine somebody took your cell phone away for one week. That's what the great depression felt like, except you were always hungry as well.
2020: wanna see me do it again?
@EmperorJuliusCaesar well said 👍
This was immensely informative and enlightening. You just got yourself a new subscriber.
Being unable to print as much money as you want because of the gold standard is not a "drawback" it the strength of the gold standard! Endless money printing is what causes today's bubbles and also poverty through inflation.
How do you not have more subs???I love you work and talent