The Europeans had currency devaluation because they began printing money to pay their debts. The US then helped to stabilize these economies by giving loans again, but the countries that received the loans needed to go to a strict gold backed basis to stabilize their currencies, e.g. the Dawes Plan for Germany in particular. I believe the bailout loans were successful in all cases.

The more important issue, though, is what happened in the US during this brief period? Businesses had inventory that decreased in value and accounts receivable that weren’t paid. Large companies that didn’t need loans survived. Small businesses needed loans to keep going. I assume that some went bankrupt. I don’t know how many. The US consumer didn’t keep things going, nor will the Chinese consumer keep things going today.