1.Don\\u0027t Blow too Much—Economic Crisis in Early 20th Century 泡沫不要吹得太大——20世紀初的經濟大危機
Crisis under the prosperity 繁榮下的危機
In earily 1930s,there was no regulation[1]or control over kinds of investment companies.The banking system lacked stability,stock market speculation and credit were out of control.Finally,America’s stock market crashed on October 24，1929，the gross national product（GNP）shrank from$87 billion in 1929 to$41 billion in 1933.The unemployed went up.Misery and personal sufferings were widespread.
在20世紀30年代早期，政府和社會對各種投資公司並沒有進行有效的調節與控製，銀行係統缺乏穩定性，股票市場投機泛濫、信貸過度膨脹。終於，1929年10月24日，股票崩盤，國民生產總值從1929年的870億美元降到1933年的410億美元。失業率增加，不幸和痛苦到處蔓延。
Worldwide Crisis 遍布全球的危機
Because of the Great Depression,the U.S.financial companies had to recover its short-term foreign loans.Under the influence of it,in May 1931，the Vienna\\u0027s largest and the most prestigious bank—Bank of Austria Creditansta.It announced that it was insolvent,which resulted in a panic in European continent.On July 9，Germany Dannat banks also did it,days later,all banks in Germany were ordered to rest；Berlin Stock Exchange had closed for two months.
In September 1931，the Britain abandoned the gold standard,two years later,the United States and almost of the large countries also did that.Under the influence of the Great Depression,international trade also had a sharp decline,which decreased from$68.6 billions in 1929 to$24.2 billions in 1933.The rate of decline was many times higher than the number of 7%which was the largest decline in international trade in the past.
由於經濟大蕭條，美國金融公司不得不收回它在國外的短期貸款，在它的影響下，1931年5月，維也納最大最有聲譽的銀行-奧地利信貸銀行宣布它已無清償能力，從而在歐洲大陸引起恐慌。7月9日，德國丹納特銀行也這樣做了，隨後兩天，德國所有銀行都被命令放假；柏林證券交易所關閉了兩個月。