Magazine content is available exclusively for TIME subscribers.INTERNATIONAL: Gold Over Europe
1930
May 9: The Young Plan adopted, puts Reparations & War Debts on a "business basis" — fiscal skies serene.
1931
May 14: First thunderclap of the present crisis: collapse in Vienna of Kreditanstalt, colossal Rothschild bank, which is taken over by the Austrian Government, shaking confidence in related German banks.
June-July: A rush to withdraw credits from Germany becomes frantic as France blocks the Hoover One-Year-Moratorium-to-save-Germany for 15 days (June 21 to July 6), but signs Moratorium Accord July 6.
July-Aug.: Germany "saved" by agreement of her creditors (under U. S. impetus) to...
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