Why does one person’s term for “Great Depression” make it so much worse when another refers to “Brief Period of Economic Inability”? Why do two young people call the 1940s the Great Decade of Business?
So why do I even need to ask?
Because, for those of us who were around in the Depression, the Roaring Twenties are the era.
Of course, in this case, there was the Great Depression! But the Roaring Twenties, as defined in this article, didn’t begin until 1947 or 1949, a few years after the war and the New Deal, respectively. For those of you who are too young to remember this period, here’s a brief historical summary:
The US entered World War I as an enemy of Hitler.
The US entered the Second World War as an enemy to Japan.
Both were allies.
The US entered the war on the side of its main ally, Great Britain.
America’s main enemy became the German economy, which led to the Great Depression.
As the Germans collapsed, they started withdrawing their vast stock of currency and gold reserves from America.
All this caused a depression, which was exacerbated by the fact that the US was in a trade alliance with England, which was also part of the Axis.
But don’t get scared or discouraged. Because they weren’t like the last time we had them—the 1930s!
As it turns out, the post-war depression was much worse than most people realize.
To understand why, consider the following:
There was no Great Depression (except for the last one that occurred after World War 2).
The U.S. didn’t lose anything to Germany (except the German currency).
There didn’t actually seem to be a Depression.
It was an economic boondoggle.
It lasted between 1921 and 1929 (not 1913).
It affected the US only because it was surrounded by other countries who were also in the same economic situation. In other words, it was an international situation.
America’s greatest economic boom ever was actually during the Roaring Twenties. In other words, there was no Depression of any kind.
There was no depression during World War 1, either.
So while the Roaring Twenties had one of the largest depressions ever, it was still more mild and brief than the Great Depression.
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