The Great Depression started in the 1930s in the USA and rapidly spread to other parts of the world. This led to a fall in the production, employment and income level of many countries. It had a much greater effect in the US and Europe and a little mild in other countries. The rural segments faced serious repercussions. The Dustbowl created in Midwest and overproduction led to the loss of previously fertile land. The US dollar's value in terms of gold fell which led to a demand for a new exchange system. The country then shifted from a fixed exchange rate system to a floating exchange rate system. The US also became an international creditor to many countries such as British Asia. It had a severe and long-lasting effect on the world.