Thursday, April 29, 2010

Kreditanstalt of Vienna

The combined results were catastrophic. Highly respected banks failed, first among them the great Kreditanstalt of Vienna, which collapsed in May 1931. The Bank of England, at that time, was losing gold at the rate of £2.5 million a day. Everywhere, industrial production fell: by 40 percent in Germany, 14 percent in Britain, and 29 percent in France.
- from Encyclopedia Brittanica History of Europe: The Impact of the Slump

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