When the gold rush first began in 1848, the United States was in the grip of a severe depression.
The nation had just witnessed the most devastating stock market crash in modern history.
But by the late 1800s, the gold standard was being replaced by a gold coin, and the economy was booming.
By the mid-19th century, the economy had grown by 30 percent per year and by 1900, the U.S. had more than 1.3 billion people.
By 1900, America’s economy was worth over $4 trillion.
The United States would eventually be the world’s fourth-largest economy, behind the United Kingdom, Germany and France.
At the time, the US economy was in dire straits.
The war had been declared and a depression had hit the country hard.
The Great Depression, which lasted for seven years, was the worst economic crisis since the Great Depression of the 1930s.
The economy was going nowhere.
The country was struggling to keep up with the massive inflation and rising prices.
In the midst of this, the American people would finally realize that they had been misled and that they were in a massive economic and political bubble.
For many, the collapse of the gold stock was the catalyst for their eventual plunge into the stock market.
The panic that gripped the nation and world was over.
But not everyone in America was as lucky as the other 90 million Americans who lost their gold.
There are two reasons why a large portion of Americans who suffered from the Great Recession didn’t panic.
First, there was an unprecedented amount of debt.
As the economy recovered from the collapse, many people borrowed more money to pay for things like food, clothing, gasoline, and mortgages.
The second reason was a lack of understanding of what happened when the stock markets went into freefall.
During the Great Crash of 1929, people were left with a massive debt burden, with banks unable to lend.
The government, in the belief that the economy would recover, made big, risky loans to finance the market crash.
In a panic, people often think about the possibility of losing money in a stock market plunge.
But they don’t realize that their debt would balloon if they lost everything.
This is a key difference between the Great Panic of 1929 and the Great Gold Rush of today.
What you need to know about the Great Financial Crisis: