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Panic of 1930
The Panic of 1930 was a financial crisis that occurred in the United States which led to a severe decline in the money supply during a period of declining economic activity. A series of bank failures from agricultural areas during this time period sparked panic among depositors which led to widespread bank runs across the country.
The decline in deposit currency ratio lowered the money multiplier, money supply and spending, dragging economic growth for the years to come. The lack of expansionary monetary policy by the Federal Reserve Board coupled with such deteriorating financial and economic situation exacerbated the recession into what became known as the Great Contraction and later the Great Depression.
==Bank failures==
Most of the failed banks were because of bad business owners. National banks accounted for less than 1/6 of the total bank failures and less than 1/4 were members of the Federal Reserve System.〔
Caldwell and Company stands as a notable bank failure given its prominence as the “Morgan of the South” owed to its role as a leading investment bank with a half-billion dollars worth of financial interests that include a number of insurance companies, industrial enterprises, newspapers, and the region’s largest bank chain.〔 When Caldwell collapsed, its correspondent network of financial interests failed as well. Its collapse sparked further demand for currency from banks in affected regions.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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