What happened May 1931 AD

In May, an incident where a taxi driver was attacked outside a monarchist club sparked anti-clerical violence throughout Madrid and south-west Spain. The government's slow response disillusioned the right and reinforced their view that the Republic was determined to persecute the church.

Creditanstalt, Austria's premier bank with major stakes across a variety of industries, becomes insolvent after being forced to assume liabilities from three other insolvent banks, triggering a cascading effect of bank failures across Central Europe. Creditanstalt represented 16% of Austria's GDP, and could not find another institution to guarantee liquidity. 140 million Austrian schillings were lost. The collapse of Creditanstalt caused the Bank of France, the National Bank of Belgium, the Netherlands Bank, and the Swiss National Bank to begin a run on the U.S. dollar for their gold reserves, and forced the Federal Reserve to raise interest rates from 1.5% to 3.5% to maintain the gold standards, which in turn contributed to the deepening of the Depression and the second round of banking failures in the U.S. during the summer of 1931.

She arrived in India in 1929 and began her novitiate in Darjeeling, in the lower Himalayas, where she learned Bengali and taught at St. Teresa's School near her convent. Teresa took her first religious vows on 24 May 1931. She chose to be named after Thérèse de Lisieux, the patron saint of missionaries; because a nun in the convent had already chosen that name, Agnes opted for its Spanish spelling (Teresa).

The Federal Reserve's federal funds rate bottoms out at 1.5%.