The previous posts did a a real good job of explaining the basics of the great depression. Couple of things that were missed. The boom before that era cause a great demand for wheat. They plowed up every inch of prarie they could in Kansas, Oklahoma and parts of Texas. Then when it turned dry for a few years, all that soil was unprotected and the wind started blowing and we had the dust bowl.
The financial issue was mostly an issue of confidence. A paper dollar in your pocket was only worth what someone else thought it was.
Farmers, who mostly lived off the land, and were not in the dry areas, did pretty good as others suggested. Currency didn't mean too much to them, they had goods and could barter if need be.
Our family did pretty good then, Grandpa even bought another farm in 1937, which I still have.
As for now, I became debt free about a year ago. The neighboring farm came up for sale a couple of months ago and it was sure hard to make the decision to borrow some money to get it. The banks practically were on bended knee to get my business.
My best advice, watch what everyone else is doing, and do the opposite.
Also, as George Santayana said " Those who do not know history, are doomed to repeat its failures" Not an exact quote, but as close as I can remember.
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