Explain how the US was most severely affected by the worldwide economic depression? -SST 10th

Explain how the US was most severely affected by the worldwide economic depression? -SST 10th
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Answer :

. With the fall of prices and prospect of depression, US banks also slashed domestic lending. . Farmers could not sell their production, households were ruined and businesses collapsed. . With falling incomes, many households could not repay what they had borrowed and were forced to give up their homes, cars and other durable items. . Ultimately, the US banking system collapsed. Unable to recover investments, collect loans and repay depositors, thousands of banks went bankrupt and were forced to close.
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