字幕表 動画を再生する 英語字幕をプリント What was the cause of the Great Depression that started in 1929? That was a long time ago. So what's this have to do with you? Well, no matter what you're going to do, you're going to be working with money. And it's important for you to understand how money works and how it could stop working. The lesson you're about to learn applies to all currencies at all times. Despite persistent myths, the Great Depression was not caused by the stock market crash or by a failure of markets. It was caused by a failure of the Federal Reserve System, the so-called "lender of last resort." Created by the U.S. government in 1913, the Federal Reserve System is supposed to prevent booms and busts in the overall economy by providing a sound currency. In the 1930s they failed in this job. They did not provide enough liquidity to banks, the raw material banks need to carry on their business. Managing liquidity correctly keeps the buying power of money stable and keeps banks from running out of cash. Imagine if you couldn't get your money when you needed it and the problems that would cause. I went on this date last Saturday. Are you serious? The guy was really cute. Hi, I’m Carra Cheslin and, like you, my friends and I would like the world to be better. It really bothers us that when we try to solve a problem, sometimes the solution causes even more problems. Wait guys if we’re gonna catch the movie we should probably get going. It starts in like fifteen minutes. Oh yeah sure. Can I just run in and get some money? I'll be right back. Yeah. Hurry up. What? That doesn’t make any sense. Grandma just gave me a check last week. Okay, don’t panic. Try again. This is gonna take longer than I thought, the machine is like not making sense. Here, lemme see. Okay. Has this ever happened to you? Well, once it happened to millions of people and it wasn’t just some little computer glitch. It was called the Great Depression… and well you know about that. Did you do your pin right? Millions of people put their money- their hard earned savings into the bank. So imagine the panic that they have when they tried to withdraw some of their life savings and the bank refused them! What? And imagine that it happened not only to you, but to people all over? Sound farfetched? Well, it really happened in the 1930s. Millions of people were left with just the money they had left in their wallets. But why did all those bank vaults go empty and where did all the money go? So... what caused the Great Depression? I have to think. Give me a sec. I’m not really that sure. It might have been World War I. Just the lack of jobs. It was the stock market crash. Instability of some sort. Right? See…no one even mentions the absence of cash, which caused a national loss of faith in our monetary system. That’s what caused the Great Depression. And it didn’t just affect adults. Did you know that at the height of the Great Depression, there were a quarter of a million teenagers living on the roads, by themselves, in America, and tens of thousands of kids with their families? I had no idea. Can you imagine? Their fathers lost their jobs – they’d been evicted from their homes. Even their schools— thousands of them-- went bankrupt and closed their doors. How could this have happened in our country? Our economic system hadn’t changed, so what was it? Wall Street, the New York Stock Exchange. Since it’s kind of the center of capitalism, I thought I ought to come here myself and see what it’s all about. Wow! It’s pretty crazy down there…. all the hectic activity. But now that I’m here, I see that it’s just an open market with buyers and sellers - based on supply and demand - to the tune of 2 billion shares a day. Most of us know what happened here in 1929. The stock market crashed. I’ve heard others blame it on corruption or income inequality, or even on the capitalist system itself. What happened was, more people wanted to sell than wanted to buy, so prices dropped… big time. But while there are many things that contributed to the Great Depression, there’s another less dramatic, but just as important reason that has kind of fallen through the cracks. Economists know about it, but most people don’t. It has more to do with money than it does with stocks. Not far from the stock exchange, is this building: 79 Delancey Street. This building doesn’t look like much now, but then it’s been through some rough times. You see, this is the building where the depression actually started - not Wall Street. Most people think that the economy was booming right up to the crash; but it wasn’t. Business had, in fact, begun to turn down in mid-1929. The crash made the recession worse. And then came a series of bank failures in the South and Midwest. But the recession only became a really serious crisis, when these failures spread to New York, and in particular to this building, then the headquarters of the Bank of United States. The bank’s customers had heard lots of rumors. They panicked. They tried to withdraw all of their deposits in cash at once-- and that’s what a run on the bank is. What would you do if you went to the bank to withdraw all your hard earned savings, and the bank didn’t have your money? I don’t trust banks because of that reason. I’d be scared to death. I’d be angry. I’d be frustrated. I’d be callin’ my lawyer. That happened to my parents and they had to do manual labor for years. If banks are gonna lose your money, you might as well just make your own. Why not make your own? The ten dollar Carra Reserve note… Nice, huh? But why will everybody take this dollar, and not my money? They’re both only paper, after all. And, what exactly is money anyways? And what I came up with is this. it all comes down to trust. You see, on my money it says, “In Carra We Trust.” The people in my house know that my word has value. And it’s the same with the world’s national currencies: they only have value because their governments say they have value, and in the case of the U.S. dollar, at least, most people on earth have faith that our government and economy, and therefore the dollar, will continue to be strong. But if something happens to break that faith and trust, the economy can crumble and people become poor. And that’s what happened in the Great Depression. So where did all that cash go? Well, first off, you might think that when you take some cash into a bank to deposit it, that the bank takes your money and sticks it into a vault somewhere until you need it again. But that’s not how it happens. Hi. I’d like to make a withdrawal. The bank uses our money- they’re in business to do that. They take a large part of what we put in and then lend it out to other people. All right. I think we can do a loan for about $600,000. That’s great. Thank you. The bank also invests in things like money market accounts, real estate, bonds, and mutual funds. Our money is what makes them money. Thank you.