He was referring to the Great Depression. They were in their 4th year (1933) of the Great Depression at the time of his speech so wanted to calm and reassure the American citizens, especially after the Hoover administration which was terrible to say at the least.
the great depression. it was terrible, but he meant only that we shouldnt be afraid of that, we need to stand up and be brave!
When FDR said, "We have nothing to fear but fear itself," he was referring to the United States' distressed economy during the Great Depression. His speech aimed to inspire confidence among Americans who were grappling with unemployment and economic hardship. He stressed that fear and inaction would hinder recovery and called for unity to overcome the challenges ahead.
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