On this day, 94 years ago, July 14, 1931 (May 29, 1931 in the lunar calendar), the economic crisis caused many German banks to fail. July 14, 1931. In Germany, the severe economic crisis caused many banks across the country to fail. Capital is running out, the mark is devaluing, and Germany is unable to pay its debts. The Federal Reserve Bank of New York provided some help when it announced that it would allow a rollover on part of the $100 million debt that had already come due. Other banks believe it is time for an international political solution to the crisis. One of the suggestions stated that Germany should not issue marks unless it is necessary for foreign trade. Doing so would encourage Germans with accounts overseas to use marks, but it would not be welcomed by many German workers.