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Is it fair to say that America was "Booming" in the 1920s? "We in America are nearer to the financial triumph over poverty than ever before in the history of our land. The poor house is vanishing among us." Herbert Hoover's declaration in 1928 over the level of prosperity that America had gained. However, was America really 'booming - a period of economic growth'? The effects of the war, left most of Europe in debt, and America's main economic problem was for the Europeans to repay loans that they had taken out to finance the First World War. Unfortunately, European countries could not afford to repay the loans and the prohibitive tariffs made it more difficult, as European countries could not export their manufactured goods to the USA in mass quantities, thus being unable to earn the money to repay their loans. To make matters more confusing, the USA had lent...

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