Interesting take, but the historical dates (Great depression/modernism) don’t add up, they happened the same time only in the US.

Adolph Loos’ manifesto about early modern was written in 1910 (Ornament and crime), Bauhaus school was opened in 1919, the Great depression happened 1929-39, ten years later.

There should be some correlation though: a lot of Germans left for the US, because Nazis gained support because of the depression, and they brought their modern views.