Description: The effects of unemployment were doubled due to over-indebtedness and severe deflation. Many businessmen indulged in random and panic-driven debt liquidation and selling assets in distress. The overall fall in asset prices and business net worth only precipitated bankruptcy filings and fanned the cinders of growing unemployment. While businesses shut down and rendered the employees 'jobless', family members took up any available task to ensure a meal. The payments in most cases were by kind. Reduction in output and trade made the employment opportunity bleak. Not only was the common man battling the forces of morale destruction, but he was also becoming a pessimist. Those who had money simply hoarded it and those who did not, looked for equivalents in kind.
