Farm prices had been depressed ever since the end of World War I, when European agriculture revived, and grain from Argentina and Australia entered the world market. Strapped with long-term debts, high taxes, and a sharp drop in crop prices, farmers lost ground throughout the 1920s. In 1910, a farmer's income was 40 percent of a city worker's. By 1930, it had sagged to just 30 percent. The decline in farm income reverberated throughout the economy. Rural consumers stopped buying farm implements, tractors, automobiles, furniture, and appliances. Millions of farmers defaulted on their debts, placing tremendous pressure on the banking system.