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Stockbrokers and investors seen here at the Stock Exchange in 1931 following the banking
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Stockbrokers and investors seen here at the Stock Exchange in 1931 following the banking
Stockbrokers and investors seen here at the Stock Exchange in 1931 following the banking and stock market crisis in the USA and the vain attempt by the Bank of England in 1925 to return to the discipline of the gold standard which failed in 1931. The United Kingdom left the standard for good. The countrys gold and foreign exchange reserves were transferred to the Treasury although their day-to-day management was and still is handled by the Bank. This meant that the note issue was no longer backed by gold
Staff
Daily Mirror
Mirrorpix
London
England
Media ID 21378706
© Mirrorpix
1931 Archiveids Busy Finance Money Suits Credit Crunch
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EDITORS COMMENTS
Captured in this historic photo print, we witness the aftermath of the devastating banking and stock market crisis that shook the United States in 1931. Stockbrokers and investors gather at the Stock Exchange, their faces etched with concern and uncertainty. This moment marked a turning point for global finance. The scene reflects the consequences of a failed attempt by the Bank of England to restore stability through a return to the gold standard in 1925. As economic turmoil persisted, it became evident that such efforts were futile. In 1931, acknowledging reality, the United Kingdom made its final departure from this monetary system. The country's precious gold reserves and foreign exchange holdings were transferred to the Treasury while still managed by the Bank. Amidst this backdrop, we see men dressed impeccably in suits navigating through a sea of bustling activity. Each face tells a story of resilience amidst adversity as they grapple with an ongoing credit crunch that had far-reaching implications. This image serves as a reminder of how financial crises can shape nations and alter lives forever. It stands as an enduring testament to both human tenacity and our collective capacity to learn from past mistakes.
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