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Reasons for a Depression Seventy-six years ago the Great Depression began in USA. The date was Tuesday, Oct 29, 1929. In NZ that was Oct 30; and a Wednesday here. Explanations for the cause, given for the benefit of students in World Book Encyclopaedia 1979, [*] 50 years later, include information that might well be studied now… In summary, World Book gave these major causes which contributed to making the Great Depression as severe as it was…
The human suffering in a country that produced more food than people could afford to buy is beyond comprehension for most of those who do not live in a Third World country. So how can they understand that buying on “pay nothing until 2006” (and similar retail seduction); buying houses on “no deposit”, cars where “we will finance you when no-one else will” … is following the principles that lead to yet another Depression. Oh yes, and vote-buying promises that – if honoured – will either put our country in debt or be at the cost of those already unbelievably ‘below the poverty level’ in “NZ – a land of plenty”. Well, “plenty” in the hands of a reducing few… (History repeating itself again?) -- PER [*] World Book Encyclopaedia, 1979, USA Vol G, pages 340a-d Other people's views VillagePRESS | ||||||||||||||||||||||||||||||||||||||||||||||||||||