Next came a series of bank panics.

随后，一系列银行危机又接连爆发。

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In the summer of 1931, a series of bank panics emanated from central Europe and spread financial contagion, to Great Britain, and then to the US and France and the whole world.

1931年夏，一系列起源于中欧的银行恐慌，将“金融瘟疫”传播到英国，并继而传播到美国、法国和全世界。

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Bank panics are inherently deflationary, so the Fed rate cut was needed.

FORBES: Beltway Keynesians

In desperation, individuals turned to scrip during the bank panics of 1893, 1907 and 1933, when towns, schools and other government bodies issued large paper certificates that could be used as cash substitutes.

FORBES: Substitute Money

Previous terms for these episodes were bank failures, financial panics, runs on currency, debt crises, liquidity runs, national defaults, bubbles, hyperinflation.

FORBES: The Futures Of Money