Great Depression Vs Today Essay

1036 Words5 Pages
The phrase “history often repeats itself” has never been so hauntingly true. As the economic turmoil on Wall Street unfolds, many historians are contemplating the similarity between today and the Great Depression. While most politicians and citizens can not relate to the crushing effects of the Great Depression, today’s market is eerily close to it. Today’s economic crisis will eventually escalate into another Great Depression, as they share shockingly similar causes, disturbing effects on the American quality of life and a profound impact on the global market. In both the Great Depression and today’s economy, the causes deal with faulty loans, cheap credit and stock market crashes. Before the Great Depression, greedy and competitive bankers…show more content…
While the Great Depression started in the United States, it had a profound impact on several powerful European countries like Germany, the United Kingdom and France. These interdependent countries were traumatically affected by the United States’ failing market as they watched their own markets plunge into chaos. London’s Evening Standard reports that unemployment rates in the United Kingdom were up to seventy percent due to the drop in carrier ship production. The economy inside the United States was just as appalling as the countries it affected. During this time, the American dollar and trade was catastrophically weak. Similarly, today’s economy reaches far beyond the United States’ borders. While European countries and China are surging ahead the United States’ stumbling economy, their markets and stock exchanges are just as interconnected with the United States as they were in the 1930s. Also, the value of the American Dollar is strikingly low in comparison to other international currencies like the Euro. Likewise, the United States’ trade is becoming unprofitable as American goods are struggling to compete against cheaper foreign made goods. The shocking similarities between the Great Depression and today’s market foreshadow a darker future for the international
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