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127-549: The J-45 is noted for its sunburst finish, warm bass and good projection, and outstanding playability. The structurally similar naturally finished J-50 first appeared in 1942, but did not enter continuous production until 1947. Introduced in 1942 to replace the inexpensive Great Depression -era flattop J-35, the J-45 standardized the company's approach to the dreadnought guitar. With a list price of $ 45, it nonetheless initially only varied slightly, with strengthened internal bracing and

254-634: A deflationary spiral started in 1931. Farmers faced a worse outlook; declining crop prices and a Great Plains drought crippled their economic outlook. At its peak, the Great Depression saw nearly 10% of all Great Plains farms change hands despite federal assistance. At first, the decline in the U.S. economy was the factor that triggered economic downturns in most other countries due to a decline in trade, capital movement, and global business confidence. Then, internal weaknesses or strengths in each country made conditions worse or better. For example,

381-418: A silver standard , almost avoided the depression entirely. The connection between leaving the gold standard as a strong predictor of that country's severity of its depression and the length of time of its recovery has been shown to be consistent for dozens of countries, including developing countries . This partly explains why the experience and length of the depression differed between regions and states around

508-707: A complex set of relationships between state and federal courts. Federal courts can sometimes hear cases arising under state law pursuant to diversity jurisdiction , state courts can decide certain matters involving federal law, and a handful of federal claims are primarily reserved by federal statute to the state courts. Both court systems have exclusive jurisdiction in some areas and concurrent jurisdiction in others. The U.S. Constitution safeguards judicial independence by providing that federal judges shall hold office "during good behavior"; in practice, this usually means they serve until they die, retire, or resign. A judge who commits an offense while in office may be impeached in

635-403: A durable no-frills "workhorse guitar" (its nickname given by the manufacturer). Although a few triple-bound top types were initially produced, the standard single binding was simple, soundhole ring austere, and neck only sported modest dot-shaped mother of pearl fretboard position markers . Gibson used a sunburst finish to cover up imperfections in the wood joins. The top was solid spruce ,

762-613: A few cases. The judicial power extends to cases arising under the Constitution, an Act of Congress ; a U.S. treaty ; cases affecting ambassadors , ministers and consuls of foreign countries in the U.S.; cases and controversies to which the federal government is a party; controversies between states (or their citizens) and foreign nations (or their citizens or subjects); and bankruptcy cases (collectively "federal-question jurisdiction"). The Eleventh Amendment removed from federal jurisdiction cases in which citizens of one state were

889-604: A former privately run bank, bearing no relation to the U.S. government (not to be confused with the Federal Reserve ). Unable to pay out to all of its creditors, the bank failed. Among the 608 American banks that closed in November and December 1930, the Bank of United States accounted for a third of the total $ 550 million deposits lost and, with its closure, bank failures reached a critical mass. In an initial response to

1016-467: A greater reduction in credit. On 5 April 1933, President Roosevelt signed Executive Order 6102 making the private ownership of gold certificates , coins and bullion illegal, reducing the pressure on Federal Reserve gold. British economist John Maynard Keynes argued in The General Theory of Employment, Interest and Money that lower aggregate expenditures in the economy contributed to

1143-468: A massive decline in income and to employment that was well below the average. In such a situation, the economy reached equilibrium at low levels of economic activity and high unemployment. Federal government of the United States [REDACTED] [REDACTED] The federal government of the United States ( U.S. federal government or U.S. government ) is the common government of

1270-600: A modern industrial city handled shortages of money and resources. Often they updated strategies their mothers used when they were growing up in poor families. Cheap foods were used, such as soups, beans and noodles. They purchased the cheapest cuts of meat—sometimes even horse meat—and recycled the Sunday roast into sandwiches and soups. They sewed and patched clothing, traded with their neighbors for outgrown items, and made do with colder homes. New furniture and appliances were postponed until better days. Many women also worked outside

1397-402: A monetary contraction first-hand were forced to join the deflationary policy since higher interest rates in countries that performed a deflationary policy led to a gold outflow in countries with lower interest rates. Under the gold standard's price–specie flow mechanism , countries that lost gold but nevertheless wanted to maintain the gold standard had to permit their money supply to decrease and

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1524-528: A new teardrop-shaped pickguard . A headstock decal with the Gibson logo replaced both the old stark white silkscreened 'Gibson' of the thirties and the slogan "Only a Gibson Is Good Enough." It also had a more rounded, "baseball bat" style neck, as opposed to the "V" shape of the J-35 neck. The version produced today is substantially similar to the 1942 model. Cosmetically, the J-45 was understated, intended as

1651-567: A serious issue in the 1930s. Support for increasing welfare programs during the depression included a focus on women in the family. The Conseil Supérieur de la Natalité campaigned for provisions enacted in the Code de la Famille (1939) that increased state assistance to families with children and required employers to protect the jobs of fathers, even if they were immigrants. In rural and small-town areas, women expanded their operation of vegetable gardens to include as much food production as possible. In

1778-478: A single elected term." Under the Presentment Clause of Article I, a bill that passes both chambers of Congress shall be presented to the president, who may sign the bill into law or veto the bill by returning it to the chamber where it originated. If the president neither signs nor vetoes a bill "within ten Days (Sundays excepted) after it shall have been presented to him" it becomes a law without

1905-480: A small cadre of Labour, but the vast majority of Labour leaders denounced MacDonald as a traitor for leading the new government. Britain went off the gold standard , and suffered relatively less than other major countries in the Great Depression. In the 1931 British election, the Labour Party was virtually destroyed, leaving MacDonald as prime minister for a largely Conservative coalition. In most countries of

2032-619: A special election can take place. The House and Senate each have particular exclusive powers. For example, the Senate must approve (give " advice and consent " to) many important presidential appointments, including cabinet officers, federal judges (including nominees to the Supreme Court), department secretaries (heads of federal executive branch departments), U.S. military and naval officers, and ambassadors to foreign countries. All legislative bills for raising revenue must originate in

2159-713: A standstill agreement froze Germany's foreign liabilities for six months. Germany received emergency funding from private banks in New York as well as the Bank of International Settlements and the Bank of England. The funding only slowed the process. Industrial failures began in Germany, a major bank closed in July and a two-day holiday for all German banks was declared. Business failures were more frequent in July, and spread to Romania and Hungary. The crisis continued to get worse in Germany, bringing political upheaval that finally led to

2286-515: A trade embargo, declare war upon a foreign government that the President had recognized, or decline to appropriate funds for an embassy in that country." The president may also negotiate and sign treaties, but ratifying treaties requires the consent of two-thirds of the Senate. Article II's Appointments Clause provides that the president "shall nominate, and by and with the Advice and Consent of

2413-658: Is a consensus that the Federal Reserve System should have cut short the process of monetary deflation and banking collapse, by expanding the money supply and acting as lender of last resort . If they had done this, the economic downturn would have been far less severe and much shorter. Modern mainstream economists see the reasons in Insufficient spending, the money supply reduction, and debt on margin led to falling prices and further bankruptcies ( Irving Fisher 's debt deflation). The monetarist explanation

2540-582: Is established in Article Two of the United States Constitution , which vests executive power in the president of the United States . The president is both the head of state (performing ceremonial functions) and the head of government (the chief executive). The Constitution directs the president to " take care that the laws be faithfully executed " and requires the president to swear or affirm to "preserve, protect and defend

2667-402: Is intended to prevent waste and fraud, protect civil liberties and individual rights, ensure executive compliance with the law, gather information for making laws and educating the public, and evaluate executive performance. It applies to cabinet departments, executive agencies, regulatory commissions, and the presidency. Congress's oversight function takes many forms: The executive branch

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2794-604: Is one delegate each from Washington, D.C. , Guam , the Virgin Islands , American Samoa , the Commonwealth of the Northern Mariana Islands , and a resident commissioner from Puerto Rico . Unlike the U.S. Senate , all members of the U.S. House must be elected and cannot be appointed. In the case of a vacancy, the seat must be filled through a special election, as required under Article 1 of

2921-415: Is sometimes used as a metonym for the federal government. The United States government is based on the principles of federalism and republicanism , in which power is shared between the federal government and state governments . The interpretation and execution of these principles, including what powers the federal government should have and how those powers can be exercised, have been debated ever since

3048-493: Is supported by the contrast in how the crisis progressed in, e.g., Britain, Argentina and Brazil, all of which devalued their currencies early and returned to normal patterns of growth relatively rapidly and countries which stuck to the gold standard , such as France or Belgium. Frantic attempts by individual countries to shore up their economies through protectionist policies – such as the 1930 U.S. Smoot–Hawley Tariff Act and retaliatory tariffs in other countries – exacerbated

3175-588: Is the commander-in-chief of the armed forces . Under the Reception Clause , the president is empowered to "receive Ambassadors and other public Ministers"; the president has broad authority to conduct foreign relations, is generally considered to have the sole power of diplomatic recognition , and is the United States' chief diplomat, although the Congress also has an important role in legislating on foreign affairs, and can, for example, "institute

3302-539: The 1932 election , Hoover was defeated by Franklin D. Roosevelt , who from 1933 pursued a series of " New Deal " policies and programs to provide relief and create jobs, including the Civilian Conservation Corps , Federal Emergency Relief Administration , Tennessee Valley Authority , and Works Progress Administration . Historians disagree on the effects of the New Deal, with some claiming that

3429-582: 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. Friedman and Schwartz argued that, if the Fed had provided emergency lending to these key banks, or simply bought government bonds on the open market to provide liquidity and increase the quantity of money after the key banks fell, all the rest of

3556-614: The U.S. Constitution in the Congress , the president , and the federal courts , respectively. The powers and duties of these branches are further defined by acts of Congress, including the creation of executive departments and courts subordinate to the U.S. Supreme Court . In the federal division of power, the federal government shares sovereignty with each of the 50 states in their respective territories. U.S. law recognizes Indigenous tribes as possessing sovereign powers , while being subject to federal jurisdiction. The full name of

3683-532: The U.S. Tax Court , are specialized courts handling only certain kinds of cases, known as subject matter jurisdiction . The Bankruptcy Courts are supervised by the district courts, and, as such, are not considered part of the Article III judiciary. As such, their judges do not have lifetime tenure, nor are they Constitutionally exempt from diminution of their remuneration. The Tax Court is an Article I Court, not an Article III Court. The district courts are

3810-564: The United States , a federal republic located primarily in North America , comprising 50 states , five major self-governing territories , several island possessions , and the federal district (national capital) of Washington, D.C. , where the majority of the federal government is based. The U.S. federal government is composed of three distinct branches: legislative , executive , and judicial , whose powers are vested by

3937-505: The United States District Courts , which are the general trial courts for federal law, and for certain controversies between litigants who are not deemed citizens of the same state, known as diversity jurisdiction . There are three levels of federal courts with general jurisdiction, which are courts that handle both criminal and civil suits between individuals. Other courts, such as the bankruptcy courts and

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4064-914: The United States Postal Service (USPS), NASA , the Central Intelligence Agency (CIA), the Environmental Protection Agency (EPA), and the United States Agency for International Development (USAID). In addition, there are government-owned corporations , including the Federal Deposit Insurance Corporation and the National Railroad Passenger Corporation . The Judiciary, under Article III of

4191-713: The White House staff, the National Security Council , the Office of Management and Budget , the Council of Economic Advisers , the Council on Environmental Quality , the Office of the U.S. Trade Representative , the Office of National Drug Control Policy , and the Office of Science and Technology Policy . Outside of the EOP and the executive departments are a number of independent agencies . These include

4318-539: The coming to power of Hitler's Nazi regime in January 1933. The world financial crisis now began to overwhelm Britain; investors around the world started withdrawing their gold from London at the rate of £2.5 million per day. Credits of £25 million each from the Bank of France and the Federal Reserve Bank of New York and an issue of £15 million fiduciary note slowed, but did not reverse,

4445-593: The militia , exercise exclusive legislation in the District of Columbia , regulate interstate commerce , and to make laws necessary to properly execute powers. Over the two centuries since the United States was formed, many disputes have arisen over the limits on the powers of the federal government. These disputes have often been the subject of lawsuits that have ultimately been decided by the United States Supreme Court . Congressional oversight

4572-474: The stock market , which resulted in growing wealth inequality . Banks were subject to minimal regulation under laissez-faire economic policies, resulting in loose lending and widespread debt. By 1929, declining spending had led to reductions in manufacturing output and rising unemployment . Share values continued to rise until the Wall Street crash, after which the slide continued for three years, which

4699-447: The 1937 recession that interrupted it). The common view among most economists is that Roosevelt's New Deal policies either caused or accelerated the recovery, although his policies were never aggressive enough to bring the economy completely out of recession. Some economists have also called attention to the positive effects from expectations of reflation and rising nominal interest rates that Roosevelt's words and actions portended. It

4826-484: The 50 states is determined by state populations, and it is updated after each decennial U.S. Census. Each member serves a two-year term. In order to be elected as a representative, an individual must be at least 25 years of age, must have been a U.S. citizen for at least seven years, and must live in the state that they represent. In addition to the 435 voting members, there are six non-voting members, consisting of five delegates and one resident commissioner . There

4953-813: The British crisis. The financial crisis now caused a major political crisis in Britain in August 1931. With deficits mounting, the bankers demanded a balanced budget; the divided cabinet of Prime Minister Ramsay MacDonald's Labour government agreed; it proposed to raise taxes, cut spending, and most controversially, to cut unemployment benefits 20%. The attack on welfare was unacceptable to the Labour movement. MacDonald wanted to resign, but King George V insisted he remain and form an all-party coalition " National Government ". The Conservative and Liberals parties signed on, along with

5080-886: The Cabinet who are appointed by the president. These are the White House Chief of Staff, Administrator of the Environmental Protection Agency, Director of the Office of Management & Budget, United States Trade Representative, U.S. Ambassador to the United Nations, Chairman of the Council of Economic Advisers, and Administrator of the Small Business Administration. The heads of the 15 departments are chosen by

5207-510: The Congress. The United States Congress , under Article I of the Constitution, is the legislative branch of the federal government. It is bicameral , comprising the House of Representatives and the Senate . The U.S. House of Representatives is made up of 435 voting members, each of whom represents a congressional district in a state from where they were elected. Apportionment of seats among

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5334-714: The Constitution of the United States." Legal scholars William P. Marshall and Saikrishna B. Prakash write of the Clause: "the President may neither breach federal law nor order their subordinates to do so, for defiance cannot be considered faithful execution. The Constitution also incorporates the English bars on dispensing or suspending the law, with some supposing that the Clause itself prohibits both." Many presidential actions are undertaken via executive orders , presidential proclamations , and presidential memoranda . The president

5461-705: The Constitution, explains and applies the laws. This branch does this by hearing and eventually making decisions on various legal cases. Article III section I of the Constitution establishes the Supreme Court of the United States and authorizes the United States Congress to establish inferior courts as their need shall arise. Section I also establishes a lifetime tenure for all federal judges and states that their compensation may not be diminished during their time in office. Article II section II establishes that all federal judges are to be appointed by

5588-615: The Constitution; all other powers are reserved to the states and the people. The Constitution also includes the Necessary and Proper Clause , which grants Congress the power to "make all laws which shall be necessary and proper for carrying into execution the foregoing powers". Members of the House and Senate are elected by first-past-the-post voting in every state except Louisiana and Georgia , which have runoffs , and Maine and Alaska , which use ranked-choice voting . Congress has

5715-530: The Depression. Businessmen ignored the mounting national debt and heavy new taxes, redoubling their efforts for greater output to take advantage of generous government contracts. During World War I many countries suspended their gold standard in varying ways. There was high inflation from WWI, and in the 1920s in the Weimar Republic , Austria , and throughout Europe. In the late 1920s there

5842-521: The Dow returning to 294 (pre-depression levels) in April 1930, before steadily declining for years, to a low of 41 in 1932. At the beginning, governments and businesses spent more in the first half of 1930 than in the corresponding period of the previous year. On the other hand, consumers, many of whom suffered severe losses in the stock market the previous year, cut expenditures by 10%. In addition, beginning in

5969-489: The Federal Reserve did not act to limit the decline of the money supply was the gold standard . At that time, the amount of credit the Federal Reserve could issue was limited by the Federal Reserve Act , which required 40% gold backing of Federal Reserve Notes issued. By the late 1920s, the Federal Reserve had almost hit the limit of allowable credit that could be backed by the gold in its possession. This credit

6096-442: The Great Depression is right, or the traditional Keynesian explanation that a fall in autonomous spending, particularly investment, is the primary explanation for the onset of the Great Depression. Today there is also significant academic support for the debt deflation theory and the expectations hypothesis that – building on the monetary explanation of Milton Friedman and Anna Schwartz – add non-monetary explanations. There

6223-642: The Great Depression. According to the U.S. Senate website, the Smoot–Hawley Tariff Act is among the most catastrophic acts in congressional history. Many economists have argued that the sharp decline in international trade after 1930 helped to worsen the depression, especially for countries significantly dependent on foreign trade. Most historians and economists blame the Act for worsening the depression by seriously reducing international trade and causing retaliatory tariffs in other countries. While foreign trade

6350-582: The House and 19 in the Senate, plus 4 joint permanent committees with members from both houses overseeing the Library of Congress , printing, taxation, and the economy. In addition, each house may name special, or select, committees to study specific problems. Today, much of the congressional workload is borne by the subcommittees, of which there are around 150. The Constitution grants numerous powers to Congress. Enumerated in Article I, Section 8, these include

6477-425: The House of Representatives. The approval of both chambers is required to pass all legislation, which then may only become law by being signed by the president (or, if the president vetoes the bill, both houses of Congress then re-pass the bill, but by a two-thirds majority of each chamber, in which case the bill becomes law without the president's signature). The powers of Congress are limited to those enumerated in

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6604-469: The House plus its two senators). The District of Columbia has a number of electoral votes "equal to the whole number of Senators and Representatives in Congress to which the District would be entitled if it were a State, but in no event more than the least populous State". A President may also be seated by succession . As originally drafted, there was no limit to the time a President could serve, however

6731-481: The New Deal prolonged the Great Depression, as they argue that National Industrial Recovery Act of 1933 and National Labor Relations Act of 1935 restricted competition and established price fixing. John Maynard Keynes did not think that the New Deal under Roosevelt single-handedly ended the Great Depression: "It is, it seems, politically impossible for a capitalistic democracy to organize expenditure on

6858-568: The Senate, shall appoint Ambassadors, other public Ministers and Consuls, Judges of the supreme Court, and all other Officers of the United States " while providing that "Congress may by Law vest the Appointment of such inferior Officers, as they think proper, in the President alone, in the Courts of Law, or in the Heads of Departments." These appointments delegate "by legal authority a portion of

6985-493: The Twenty-second Amendment, ratified in 1951, originally limits any president to serving two four-year terms (8 years); the amendment specifically "caps the service of a president at 10 years" by providing that "if a person succeeds to the office of president without election and serves less than two years, he may run for two full terms; otherwise, a person succeeding to office of president can serve no more than

7112-544: The U.K. economy, which experienced an economic downturn throughout most of the late 1920s, was less severely impacted by the shock of the depression than the U.S. By contrast, the German economy saw a similar decline in industrial output as that observed in the U.S. Some economic historians attribute the differences in the rates of recovery and relative severity of the economic decline to whether particular countries had been able to effectively devaluate their currencies or not. This

7239-404: The U.S. Constitution. In contrast, the Senate is made up of two senators from each state, regardless of population. There are currently 100 senators (2 from each of the 50 states), who each serve six-year terms. Approximately one-third of the Senate stands for election every two years. If a vacancy occurs, the state governor appoints a replacement to complete the term or to hold the office until

7366-490: The U.S. unemployment rate down below 10%. World War II had a dramatic effect on many parts of the American economy. Government-financed capital spending accounted for only 5% of the annual U.S. investment in industrial capital in 1940; by 1943, the government accounted for 67% of U.S. capital investment. The massive war spending doubled economic growth rates, either masking the effects of the Depression or essentially ending

7493-622: The United States, agricultural organizations sponsored programs to teach housewives how to optimize their gardens and to raise poultry for meat and eggs. Rural women made feed sack dresses and other items for themselves and their families and homes from feed sacks. In American cities, African American women quiltmakers enlarged their activities, promoted collaboration, and trained neophytes. Quilts were created for practical use from various inexpensive materials and increased social interaction for women and promoted camaraderie and personal fulfillment. Oral history provides evidence for how housewives in

7620-543: The United States, remained on the gold standard into 1932 or 1933, while a few countries in the so-called "gold bloc", led by France and including Poland, Belgium and Switzerland, stayed on the standard until 1935–36. According to later analysis, the earliness with which a country left the gold standard reliably predicted its economic recovery. For example, The UK and Scandinavia, which left the gold standard in 1931, recovered much earlier than France and Belgium, which remained on gold much longer. Countries such as China, which had

7747-479: The adoption of the Constitution. Some make a case for expansive federal powers while others argue for a more limited role for the central government in relation to individuals, the states, or other recognized entities. Since the American Civil War , the powers of the federal government have generally expanded greatly, although there have been periods since that time of legislative branch dominance (e.g.,

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7874-578: The back and sides solid mahogany . Over time the sunburst has become iconic, with collectors preferring the J-45 to the higher-end J-50s of the same era. Apart from a small batch of natural-finish J-45s produced in 1942, the model was offered only in sunburst. Starting in 1968 Gibson made J-45s as square-shouldered dreadnought-shaped guitars with a longer scale (25.5"), similar to the Gibson Dove. Serial numbers tell us that during '68 and '69 both slope-shouldered and square-shouldered J-45s were made before

8001-460: The banks would not have fallen after the large ones did, and the money supply would not have fallen as far and as fast as it did. With significantly less money to go around, businesses could not get new loans and could not even get their old loans renewed, forcing many to stop investing. This interpretation blames the Federal Reserve for inaction, especially the New York branch . One reason why

8128-465: The behavior of housewives. The common view among economic historians is that the Great Depression ended with the advent of World War II . Many economists believe that government spending on the war caused or at least accelerated recovery from the Great Depression, though some consider that it did not play a very large role in the recovery, though it did help in reducing unemployment. The rearmament policies leading up to World War II helped stimulate

8255-402: The case from state court to federal court. The United States Courts of Appeals are appellate courts that hear appeals of cases decided by the district courts, and some direct appeals from administrative agencies, and some interlocutory appeals. The U.S. Supreme Court hears appeals from the decisions of the courts of appeals or state supreme courts, and in addition has original jurisdiction over

8382-404: The chambers to consider urgent matters. The vice president is the second-highest official in rank of the federal government. The vice president's duties and powers are established in the legislative branch of the federal government under Article 1, Section 3, Clauses 4 and 5 as the president of the Senate ; this means that they are the designated presiding officer of the Senate. In that capacity,

8509-462: The collapse in global trade, contributing to the depression. By 1933, the economic decline pushed world trade to one third of its level compared to four years earlier. While the precise causes for the occurrence of the Great depression are disputed and can be traced to both global and national phenomena, its immediate origins are most conveniently examined in the context of the U.S. economy, from which

8636-475: The crash was a mere symptom of more general economic trends of the time, which had already been underway in the late 1920s. A contrasting set of views, which rose to prominence in the later part of the 20th century, ascribes a more prominent role to failures of monetary policy . According to those authors, while general economic trends can explain the emergence of the downturn, they fail to account for its severity and longevity; they argue that these were caused by

8763-625: The crisis, the U.S. Congress passed the Smoot–Hawley Tariff Act on 17 June 1930. The Act was ostensibly aimed at protecting the American economy from foreign competition by imposing high tariffs on foreign imports. The consensus view among economists and economic historians (including Keynesians , Monetarists and Austrian economists ) is that the passage of the Smoot–Hawley Tariff had, in fact, achieved an opposite effect to what

8890-633: The decade. The Depression had devastating economic effects on both wealthy and poor countries: all experienced drops in personal income , prices ( deflation ), tax revenues, and profits. International trade fell by more than 50%, and unemployment in some countries rose as high as 33%. Cities around the world , especially those dependent on heavy industry , were heavily affected. Construction virtually halted in many countries, and farming communities and rural areas suffered as crop prices fell by up to 60%. Faced with plummeting demand and few job alternatives, areas dependent on primary sector industries suffered

9017-411: The decades immediately following the Civil War) or when states' rights proponents have succeeded in limiting federal power through legislative action, executive prerogative or by a constitutional interpretation by the courts. One of the theoretical pillars of the U.S. Constitution is the idea of " checks and balances " among the powers and responsibilities of the three branches of American government:

9144-408: The depression. Not all governments enforced the same measures of protectionism. Some countries raised tariffs drastically and enforced severe restrictions on foreign exchange transactions, while other countries reduced "trade and exchange restrictions only marginally": The gold standard was the primary transmission mechanism of the Great Depression. Even countries that did not face bank failures and

9271-435: The domestic price level to decline ( deflation ). There is also consensus that protectionist policies, and primarily the passage of the Smoot–Hawley Tariff Act , helped to exacerbate, or even cause the Great Depression. Some economic studies have indicated that the rigidities of the gold standard not only spread the downturn worldwide, but also suspended gold convertibility (devaluing the currency in gold terms) that did

9398-402: The drop in demand. Monetarists believe that the Great Depression started as an ordinary recession, but the shrinking of the money supply greatly exacerbated the economic situation, causing a recession to descend into the Great Depression. Economists and economic historians are almost evenly split as to whether the traditional monetary explanation that monetary forces were the primary cause of

9525-427: The economies of Europe in 1937–1939. By 1937, unemployment in Britain had fallen to 1.5 million. The mobilization of manpower following the outbreak of war in 1939 ended unemployment. The American mobilization for World War II at the end of 1941 moved approximately ten million people out of the civilian labor force and into the war. This finally eliminated the last effects from the Great Depression and brought

9652-576: The end of the month. A large sell-off of stocks began in mid-October. Finally, on 24 October, Black Thursday , the American stock market crashed 11% at the opening bell. Actions to stabilize the market failed, and on 28 October, Black Monday, the market crashed another 12%. The panic peaked the next day on Black Tuesday, when the market saw another 11% drop. Thousands of investors were ruined, and billions of dollars had been lost; many stocks could not be sold at any price. The market recovered 12% on Wednesday but by then significant damage had been done. Though

9779-418: The executive branch when becoming president upon the death, resignation, or removal of the president, which has happened nine times in U.S. history. Lastly, in the case of a Twenty-fifth Amendment succession event, the vice president would become acting president, assuming all of the powers and duties of president, except being designated as president. Accordingly, by circumstances, the Constitution designates

9906-519: The executive, the legislative, and the judiciary. For example, while the legislative branch ( Congress ) has the power to create law, the executive branch under the president can veto any legislation—an act which, in turn, can be overridden by Congress. The president nominates judges to the nation's highest judiciary authority, the Supreme Court (as well as to lower federal courts), but those nominees must be approved by Congress. The Supreme Court, in turn, can invalidate unconstitutional laws passed by

10033-500: The explanations of the Keynesians and monetarists. The consensus among demand-driven theories is that a large-scale loss of confidence led to a sudden reduction in consumption and investment spending. Once panic and deflation set in, many people believed they could avoid further losses by keeping clear of the markets. Holding money became profitable as prices dropped lower and a given amount of money bought ever more goods, exacerbating

10160-503: The few women in the labor force, layoffs were less common in the white-collar jobs and they were typically found in light manufacturing work. However, there was a widespread demand to limit families to one paid job, so that wives might lose employment if their husband was employed. Across Britain, there was a tendency for married women to join the labor force, competing for part-time jobs especially. In France, very slow population growth, especially in comparison to Germany continued to be

10287-505: The first week of June, 540 million in the second, and 150 million in two days, 19–20 June. Collapse was at hand. U.S. President Herbert Hoover called for a moratorium on payment of war reparations . This angered Paris, which depended on a steady flow of German payments, but it slowed the crisis down, and the moratorium was agreed to in July 1931. An International conference in London later in July produced no agreements but on 19 August

10414-606: The government tried to reshape private household consumption under the Four-Year Plan of 1936 to achieve German economic self-sufficiency. The Nazi women's organizations, other propaganda agencies and the authorities all attempted to shape such consumption as economic self-sufficiency was needed to prepare for and to sustain the coming war. The organizations, propaganda agencies and authorities employed slogans that called up traditional values of thrift and healthy living. However, these efforts were only partly successful in changing

10541-519: The home, or took boarders, did laundry for trade or cash, and did sewing for neighbors in exchange for something they could offer. Extended families used mutual aid—extra food, spare rooms, repair-work, cash loans—to help cousins and in-laws. In Japan, official government policy was deflationary and the opposite of Keynesian spending. Consequently, the government launched a campaign across the country to induce households to reduce their consumption, focusing attention on spending by housewives. In Germany,

10668-527: The initial crisis spread to the rest of the world. In the aftermath of World War I , the Roaring Twenties brought considerable wealth to the United States and Western Europe. Initially, the year 1929 dawned with good economic prospects: despite a minor crash on 25 March 1929, the market seemed to gradually improve through September. Stock prices began to slump in September, and were volatile at

10795-563: The lack of an adequate response to the crises of liquidity that followed the initial economic shock of 1929 and the subsequent bank failures accompanied by a general collapse of the financial markets. After the Wall Street Crash of 1929 , when the Dow Jones Industrial Average dropped from 381 to 198 over the course of two months, optimism persisted for some time. The stock market rose in early 1930, with

10922-486: The law and creating precedent for future law and decisions. The United States Constitution does not specifically mention the power of judicial review , which is the power to declare a law unconstitutional. There have been instances in the past where such declarations have been ignored by the other two branches. Below the U.S. Supreme Court are the United States Courts of Appeals , and below them in turn are

11049-521: The market entered a period of recovery from 14 November until 17 April 1930, the general situation had been a prolonged slump. From 17 April 1930 until 8 July 1932, the market continued to lose 89% of its value. Despite the crash, the worst of the crisis did not reverberate around the world until after 1929. The crisis hit panic levels again in December 1930, with a bank run on the Bank of United States ,

11176-414: The mid-1930s, a severe drought ravaged the agricultural heartland of the U.S. Interest rates dropped to low levels by mid-1930, but expected deflation and the continuing reluctance of people to borrow meant that consumer spending and investment remained low. By May 1930, automobile sales declined to below the levels of 1928. Prices, in general, began to decline, although wages held steady in 1930. Then

11303-588: The model changeover was complete. In the '70s the J-45 was re-labeled as the J-45 Deluxe. A short run of slope-shouldered J-45 Celebrity models were made in 1984. By the late '90s the slope-shouldered body style returned for good. The J-50 guitars is essentially a natural-finish J-45, with a triple rather than single-bound top and other minor differences in trim. Gibson produced a handful in 1942 using high quality wood laid up before World War II -induced shortages took hold. By 1947 supplies had resumed, resulting in

11430-476: The model's official introduction. There are mid-1960s J45 guitars with a natural finish and adjustable bridges and this can be checked by the stamp on the back seam brace. Great Depression The Great Depression was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty; drastic reductions in liquidity , industrial production, and trade; and widespread bank and business failures around

11557-423: The monetary base and by not injecting liquidity into the banking system to prevent it from crumbling, the Federal Reserve passively watched the transformation of a normal recession into the Great Depression. Friedman and Schwartz argued that the downward turn in the economy, starting with the stock market crash, would merely have been an ordinary recession if the Federal Reserve had taken aggressive action. This view

11684-502: The most to make recovery possible. Every major currency left the gold standard during the Great Depression. The UK was the first to do so. Facing speculative attacks on the pound and depleting gold reserves , in September 1931 the Bank of England ceased exchanging pound notes for gold and the pound was floated on foreign exchange markets. Japan and the Scandinavian countries followed in 1931. Other countries, such as Italy and

11811-427: The most. The outbreak of World War II in 1939 ended the Depression, as it stimulated factory production, providing jobs for women as militaries absorbed large numbers of young, unemployed men. The precise causes for the Great Depression are disputed. One set of historians, for example, focuses on non-monetary economic causes. Among these, some regard the Wall Street crash itself as the main cause; others consider that

11938-582: The need to balance the national budget and was unwilling to implement expensive welfare spending . In 1930, Hoover signed the Smoot–Hawley Tariff Act , which taxed imports with the intention of encouraging buyers to purchase American products, which worsened the Depression because foreign governments retaliated with tariffs on American exports. In 1932, Hoover established the Reconstruction Finance Corporation , which offered loans to businesses and support to local governments. In

12065-702: The office of vice president. Article II, Section 2 of the Constitution sets forth the creation of a presidential Cabinet. The role of the Cabinet is to advise the president and carry out the programs and laws of the federal government. The Cabinet is composed of the vice president and the leaders of 15 executive departments. Those executive departments are the Departments of State, Treasury, Defense, Justice, Interior, Agriculture, Commerce, Labor, Health and Human Services, Housing and Urban Development, Transportation, Energy, Education, Veterans Affairs, and Homeland Security. Additionally, there are seven other members of

12192-483: The physical volume of exports fall, but also the prices fell by about 1 ⁄ 3 as written. Hardest hit were farm commodities such as wheat, cotton, tobacco, and lumber. Governments around the world took various steps into spending less money on foreign goods such as: "imposing tariffs, import quotas, and exchange controls". These restrictions triggered much tension among countries that had large amounts of bilateral trade, causing major export-import reductions during

12319-488: The plaintiffs and the government of another state was the defendant. It did not disturb federal jurisdiction in cases in which a state government is a plaintiff and a citizen of another state the defendant. The power of the federal courts extends both to civil actions for damages and other redress, and to criminal cases arising under federal law. The interplay of the Supremacy Clause and Article III has resulted in

12446-480: The policies prolonged the Depression instead of shortening it. Between 1929 and 1932, worldwide gross domestic product (GDP) fell by an estimated 15%; in the U.S., the Depression resulted in a 30% contraction in GDP. Recovery varied greatly around the world. Some economies, such as the U.S., Germany and Japan started to recover by the mid-1930s; others, like France, did not return to pre-shock growth rates until later in

12573-459: The political situation in Europe. In their book, A Monetary History of the United States , Milton Friedman and Anna J. Schwartz also attributed the recovery to monetary factors, and contended that it was much slowed by poor management of money by the Federal Reserve System . Chairman of the Federal Reserve (2006–2014) Ben Bernanke agreed that monetary factors played important roles both in

12700-497: The power to adjourn Congress whenever the House and Senate cannot agree when to adjourn; no president has ever used this power. The president also has the constitutional power to, "on extraordinary Occasions, convene both Houses, or either of them"; this power has been used "to consider nominations, war, and emergency legislation." This Section invests the President with the discretion to convene Congress on "extraordinary occasions"; this special session power that has been used to call

12827-478: The power to re-organize or even abolish federal courts lower than the Supreme Court. The U.S. Supreme Court decides cases and controversies , which include matters pertaining to the federal government, disputes between states, and interpretation of the United States Constitution, and, in general, can declare legislation or executive action made at any level of the government as unconstitutional , nullifying

12954-437: The power to remove the president, federal judges, and other federal officers from office. The House of Representatives and Senate have separate roles in this process. The House must first vote to impeach the official. Then, a trial is held in the Senate to decide whether the official should be removed from office. As of 2023 , three presidents have been impeached: Andrew Johnson , Bill Clinton , and Donald Trump (twice). None of

13081-420: The powers to levy and collect taxes ; to coin money and regulate its value; provide for punishment for counterfeiting; establish post offices and roads, issue patents, create federal courts inferior to the Supreme Court , combat piracies and felonies , declare war , raise and support armies , provide and maintain a navy , make rules for the regulation of land and naval forces, provide for, arm and discipline

13208-502: The president and approved with the "advice and consent" of the U.S. Senate. Once confirmed, these "Cabinet secretaries" serve at the pleasure of the president. In addition to the executive departments, a number of staff organizations are grouped into the Executive Office of the President (EOP), which was created in 1939 by President Franklin D. Roosevelt. The EOP is overseen by the White House Chief of Staff. The EOP includes

13335-485: The president and confirmed by the United States Senate. The Judiciary Act of 1789 subdivided the nation jurisdictionally into judicial districts and created federal courts for each district. The three tiered structure of this act established the basic structure of the national judiciary: the Supreme Court, 13 courts of appeals, 94 district courts, and two courts of special jurisdiction. Congress retains

13462-474: The president has major agenda-setting powers to influence lawmaking and policymaking, and typically has a major role as the leader of their political party . The president and vice president are normally elected as running mates by the Electoral College ; each state has a number of electoral votes equal to the size of its Congressional delegation ( i.e. , its number of Representatives in

13589-525: The president's signature, "unless the Congress by their Adjournment prevent its Return in which Case it shall not be a Law" (called a pocket veto ). A presidential veto may be overridden by a two-thirds vote in both houses of Congress; this occurs relatively infrequently. The president may be impeached by a majority in the House and removed from office by a two-thirds majority in the Senate for " treason , bribery , or other high crimes and misdemeanors ". The president may not dissolve Congress , but has

13716-498: The republic is the "United States of America". No other name appears in the Constitution , and this is the name that appears on money, in treaties, and in legal cases to which the nation is a party. The terms "Government of the United States of America" or "United States Government" are often used in official documents to represent the federal government as distinct from the states collectively. In casual conversation or writing,

13843-434: The scale necessary to make the grand experiments which would prove my case—except in war conditions." According to Christina Romer , the money supply growth caused by huge international gold inflows was a crucial source of the recovery of the United States economy, and that the economy showed little sign of self-correction. The gold inflows were partly due to devaluation of the U.S. dollar and partly due to deterioration of

13970-594: The sovereign powers of the federal government." The Constitution grants the president the "Power to grant Reprieves and Pardons for Offences against the United States , except in Cases of Impeachment"; this clemency power includes the power to issue absolute or conditional pardons, and to issue commute sentences , to remit fines, and to issue general amnesties . The presidential clemency power extends only to federal crimes, and not to state crimes. The president has informal powers beyond their formal powers. For example,

14097-553: The term "Federal Government" is often used, and the term "U.S. Government" is sometimes used. The terms "Federal" and "National" in government agency or program names generally indicate affiliation with the federal government; for instance, the Federal Bureau of Investigation , National Oceanic and Atmospheric Administration , and National Park Service . Because the seat of government is in Washington, D.C. , "Washington"

14224-434: The three were removed from office following trial in the Senate. Article I, Section 2, paragraph 2 of the U.S. Constitution gives each chamber the power to "determine the rules of its proceedings". From this provision were created congressional committees , which do the work of drafting legislation and conducting congressional investigations into national matters. The 118th Congress (2023–2025) has 20 standing committees in

14351-529: The trial courts wherein cases that are considered under the Judicial Code (Title 28, United States Code) consistent with the jurisdictional precepts of federal question jurisdiction , diversity jurisdiction, and pendent jurisdiction can be filed and decided. The district courts can also hear cases under removal jurisdiction , wherein a case brought in a state court meets the requirements for diversity jurisdiction, and one party litigant chooses to "remove"

14478-518: The vice president as routinely in the legislative branch, or succeeding to the executive branch as president, or possibly being in both as acting president pursuant to the Twenty-fifth Amendment . Because of circumstances, the overlapping nature of the duties and powers attributed to the office, the title of the office and other matters, such has generated a spirited scholarly dispute regarding attaching an exclusive branch designation to

14605-522: The vice president has the authority ( ex officio , for they are not an elected member of the Senate) to cast a tie-breaking vote . Pursuant to the Twelfth Amendment , the vice president presides over the joint session of Congress when it convenes to count the vote of the Electoral College . As first in the U.S. presidential line of succession , the vice president's duties and powers move to

14732-476: The world, recovery from the Great Depression began in 1933. In the U.S., recovery began in early 1933, but the U.S. did not return to 1929 GNP for over a decade and still had an unemployment rate of about 15% in 1940, albeit down from the high of 25% in 1933. There is no consensus among economists regarding the motive force for the U.S. economic expansion that continued through most of the Roosevelt years (and

14859-673: The world. The financial crisis escalated out of control in mid-1931, starting with the collapse of the Credit Anstalt in Vienna in May. This put heavy pressure on Germany, which was already in political turmoil. With the rise in violence of National Socialist ('Nazi') and Communist movements, as well as investor nervousness at harsh government financial policies, investors withdrew their short-term money from Germany as confidence spiraled downward. The Reichsbank lost 150 million marks in

14986-431: The world. The economic contagion began in 1929 in the United States , the largest economy in the world, with the devastating Wall Street stock market crash of October 1929 often considered the beginning of the Depression. The Depression was preceded by a period of industrial growth and social development known as the " Roaring Twenties ". Much of the profit generated by the boom was invested in speculation , such as on

15113-778: The worldwide economic decline and eventual recovery. Bernanke also saw a strong role for institutional factors, particularly the rebuilding and restructuring of the financial system, and pointed out that the Depression should be examined in an international perspective. Women's primary role was as housewives; without a steady flow of family income, their work became much harder in dealing with food and clothing and medical care. Birthrates fell everywhere, as children were postponed until families could financially support them. The average birthrate for 14 major countries fell 12% from 19.3 births per thousand population in 1930, to 17.0 in 1935. In Canada, half of Roman Catholic women defied Church teachings and used contraception to postpone births. Among

15240-658: Was a scramble to deflate prices to get the gold standard's conversation rates back on track to pre-WWI levels, by causing deflation and high unemployment through monetary policy. In 1933 FDR signed Executive Order 6102 and in 1934 signed the Gold Reserve Act . The two classic competing economic theories of the Great Depression are the Keynesian (demand-driven) and the Monetarist explanation. There are also various heterodox theories that downplay or reject

15367-478: Was a small part of overall economic activity in the U.S. and was concentrated in a few businesses like farming, it was a much larger factor in many other countries. The average ad valorem (value based) rate of duties on dutiable imports for 1921–1925 was 25.9% but under the new tariff it jumped to 50% during 1931–1935. In dollar terms, American exports declined over the next four years from about $ 5.2 billion in 1929 to $ 1.7 billion in 1933; so, not only did

15494-500: Was accompanied by a loss of confidence in the financial system. By 1933, the U.S. unemployment rate had risen to 25 percent, about one-third of farmers had lost their land, and about half of the country's 25,000 banks had gone out of business. Many people, unable to pay mortgages or rent, became homeless and relied on begging or charities to feed themselves. The U.S. federal government initially did little to help. President Herbert Hoover , like many of his fellow Republicans , believed in

15621-474: Was endorsed in 2002 by Federal Reserve Governor Ben Bernanke in a speech honoring Friedman and Schwartz with this statement: Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression, you're right. We did it. We're very sorry. But thanks to you, we won't do it again. The Federal Reserve allowed some large public bank failures – particularly that of

15748-426: Was given by American economists Milton Friedman and Anna J. Schwartz . They argued that the Great Depression was caused by the banking crisis that caused one-third of all banks to vanish, a reduction of bank shareholder wealth and more importantly monetary contraction of 35%, which they called "The Great Contraction ". This caused a price drop of 33% ( deflation ). By not lowering interest rates, by not increasing

15875-500: Was in the form of Federal Reserve demand notes. A "promise of gold" is not as good as "gold in the hand", particularly when they only had enough gold to cover 40% of the Federal Reserve Notes outstanding. During the bank panics, a portion of those demand notes was redeemed for Federal Reserve gold. Since the Federal Reserve had hit its limit on allowable credit, any reduction in gold in its vaults had to be accompanied by

16002-446: Was intended. It exacerbated the Great Depression by preventing economic recovery after domestic production recovered, hampering the volume of trade; still there is disagreement as to the precise extent of the Act's influence. In the popular view, the Smoot–Hawley Tariff was one of the leading causes of the depression. In a 1995 survey of American economic historians, two-thirds agreed that the Smoot–Hawley Tariff Act at least worsened

16129-470: Was the rollback of those same reflationary policies that led to the interruption of a recession beginning in late 1937. One contributing policy that reversed reflation was the Banking Act of 1935 , which effectively raised reserve requirements, causing a monetary contraction that helped to thwart the recovery. GDP returned to its upward trend in 1938. A revisionist view among some economists holds that

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