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Q.

Is it true that the removal of US loans deepened the effects of the Great Depression?


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Detailed Solution

The above statement is True.
The removal of US loans deepened the effects of the Great Depression. The Great Depression started in the US in 1929 after the stock market crash. As a result, many countries were impacted by the US loan cancellation in various ways. It caused the downfall of some significant banks and the devaluation of currencies like the British pound sterling in Europe. It exacerbated the decline in agricultural and raw material prices in Latin America and abroad. Another significant blow to global trade came from the US's attempt to defend its economy during the Great Depression by raising import taxes.
 
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Is it true that the removal of US loans deepened the effects of the Great Depression?