By: James B. AllenThe Great Recession was a time of great economic turmoil for many European nations.
The euro was collapsing and the continent was experiencing an economic crisis with an average unemployment rate of nearly 20%.
Many of these nations, however, had also experienced a significant surge in domestic demand and exports due to the Great Recession.
In the United States, the Great Depression was a period of tremendous economic disruption.
The economy was still recovering from the Great Crash of 1929, but the Depression was much less severe than the Great War.
The Great Depression did, however have the effect of pushing unemployment up even higher.
The Great Depression also saw the rise of the Federal Reserve.
The Fed had been formed in 1913 and was charged with maintaining a stable monetary system.
Its main role was to keep the price of money artificially low in order to drive inflation.
This inflationary drive had made the economy less stable and it was a major contributor to the Depression.
The U.S. had an abundance of natural resources.
The land, coal, iron ore, wheat, and copper were all abundant and cheap to mine.
This was good news for the U.