Facing speculative attacks on the pound and depleting gold reserves , in September the Bank of England ceased exchanging pound notes for gold and the pound was floated on foreign exchange markets. As a result, the upswing lacks a solid base.
Bradford DeLong point out that President Hoover tried to keep the federal budget balanced until , when he lost confidence in his Secretary of the Treasury Andrew Mellon and replaced him. Banks will react by tightening their credit conditions, that in turn leads to a credit crunch which does serious harm to the economy.
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It did help in reducing unemployment. Sooner or later, it must become apparent that this economic situation is built on sand. Bernanke The Federal Reserve allowed some large public bank failures — particularly that of the New York Bank of United States — which produced panic and widespread runs on local banks, and the Federal Reserve sat idly by while banks collapsed.
In the popular view, the Smoot-Hawley Tariff was a leading cause of the depression. It held the economy produced more than it consumed, because the consumers did not have enough income.