The first thing you need is obviously a replacement water heater element, and also a socket to fit. The most common size is 1 1/2â³, and a couple of screwdrivers and nut drivers depending on exactly what you need on your water heater to expose the element.
Essentially, the Great Depression, in their view, was caused by the fall of the money supply. The result was what Friedman calls the Great Contraction â a period of falling income, prices, and employment caused by the choking effects of a restricted money supply.
The stock market crash of 1929 was not the sole cause of the Great Depression, but it did act to accelerate the global economic collapse of which it was also a symptom. By 1933, nearly half of Americaâs banks had failed, and unemployment was approaching 15 million people, or 30 percent of the workforce.