The Great Depression possibly had a more dramatic effect on Brazil than on the United States. The collapse of Brazil's valorization (price support) program, a safety net in times of economic crisis, was strongly intertwined with the collapse of the central government, whose base of support resided in the landed oligarchy. The coffee planters had grown dangerously dependent on government valorization. For example, in the aftermath of the recession following World War I, the government was not short of the cash needed to bail out the coffee industry. But between 1929–30, world demand for Brazil's primary products had fallen far too drastically to maintain government revenues. By the end of 1930, Brazil's gold reserves had been depleted, pushing the exchange rate down to a new low. The program for warehoused coffee collapsed altogether.