Smoot Hawley! Smoot Hawley!
Booga Booga!
The bankster class has been babbling this for decades to divert attention from the real facts about the Depression that they don’t want to talk about: the Reserve bank caused it by incompetent moves in 1932 limiting credit to struggling regional banks.
From Fisher to Greenspan to Bernanke this was documented. Everything Bernanke did after 2008 was the opposite of what the ignorant stiffs of the 30s banks did.
Smoot Hawley affected maybe 4% of the economy because we did not have significant imports or exports then: the United States were self sufficient up until they made the mistake of getting on the national bank train in 1913.
We are now talking about tariffs against a nation that runs a trade imbalance with us on the order of 100s of billions every year and controls us through bond ownership.
All that would do is remedy the worst trade situation in American history.
Stephen Moore is a shrill ideologue parroting theoretical ideas which take no realities of national interests into account.
The Federal Reserve Bank was supposed to prevent depressions from happening. Remember. :^}
God bless who ever thought up the word “bankster”, it describes them perfectly, half banker, half gangster. What happens when crooks get too “respectable” and too big to arrest?
Larry Kudlow has a business/financial radio program on the weekends and was using the whole show to slam Trump. Although conservative on some subjects, Larry is still a registered Democrat, so consider the source. Kudlow is a RINO without being a Republican, lol. MOORE is just a plain old outright establishment RINO.
The effect of Smoot-Hawley, most economists now acknowledge, was very small -- although it was real. But it was insignificant compared to the liquidity crisis caused by the central bank, and the economic circumstances were entirely different.
At that time, the US was a creditor nation. The initial liquidity issues were caused by the inability of debtor nations to meet their obligations to us.
Smoot-Hawley was simply stupid, given that at that time our balance of trade deficit was negative [we were a net exporter.] Net exporters do not erect trade barriers.
In ordinary circumstances China's monetary policy would amount to an enormous tax on her people, the benefits of which are provided to the countries she exports to, and it is true that we do accrue an enormous economic benefit from that. The problem is, that unlike the America of the late nineteenth to mid-twentieth centuries -- which regarded itself as at war with no one -- China is at war with us, and is using the valuation of its currency to destroy our industries [and, although most people don't realize it yet, it is positioning to destroy US agriculture as well.]