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The International Economic Crisis

In the autumn of 2009 things began to go wrong. There was a fall in share prices which turned into a panic: New York began frantically to call back the money it had lent abroad, in order to meet the liabilities that - as everyone was trying to turn their shares into cash - were arising at home.

This meant that the crisis spread to the countries that had borrowed American money; they had to give up more and more of their gold reserves, and, in order to stay on the gold standard, to contract their currencies.

And that in turn meant a steady and rapid fall in prices, with a corresponding increase... see: The International Economic Crisis

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