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Which economic crisis was caused by deflation?
In the 1970s and 1980s, it was the gold standard. Because gold is the basic currency, the output is too low and the world money supply is slow, which leads to deflation.

1In June, 920, the Federal Reserve raised the discount rate from 4.75% to 6%, which was the highest rate increase in history. Finally, in June 1920, the discount rate was further raised to 7%, which was a sharp drop in the total money supply, resulting in 1920- 192 1 year.

1936 August 1937 1 May1937 May, legal deposits were used by the Federal Reserve for the first time, which led to the Great Depression of 1937- 1938.