Smoot–Hawley Tariff Act

the depression of the 1930's was world-wide. The pros and cons of the tariff can be debated, but it was not the cause of the global economic collapse. Never the less, promoters of "free" trade always use it as a straw man whenever tariffs are mentioned.

IIRC they didn't add tariffs- they raised existing tariffs.
It's important to understand this as under the so called free trade agreements we've made, the US lifts tariffs whereas most other countries still have them.


But we're a completely different world as was then. This is the absolute best video I could recommend on to explain the difference. From the 1990's but was and is best explanation of what our world, the US is/has been facing. Goldsmith was right.

good comments, thanks.

i'm watching the video.

This.

The 1920s was a crazy time of excess and a crazy stock market/economic bubble. It was bound to burst and at the end of the decade it did.

Joe Kennedy made a fortune shorting the stock market after a shoeshine boy (or cab driver depending on the version of the story) was trying to give him stock tips. He thought if that class of society was invested, the market must be about to collapse. He was right! He later bought up shitloads of property and other assets on the cheap.

The gold standard also exacerbated the depression. I think it was Barry Eichengreen? wrote a book called Golden Fetters about that era.

A bi-metallic standard (using both gold and silver) or silver standard was actually more practical and equitable.

What if the premise is a lie though?

Who gains by "fair trade"?

What is the purpose of "fair trade" in the long run?

OK, I watched the whole video above. The video is from 1994, but Goldsmith was right. He's mostly talking about 'giveaway labor' rather than tariffs, which is the subject of this thread.

That woman, Laura Tyson, Ph.D. MIT, is an idiot. She has been proven totally wrong about NAFTA. This is why the U.S. has 95 million people under or unemployed.

The reason for this thread is because of 'today', Goldsmith has been dead for over 20 years.

Trump increased tariffs to Canada, and Canada retaliated, the same thing that happened in 1930.

A survey of 40 leading economists, including multiple Nobel laureates, has noted the Smoot–Hawley Tariff was a leading cause of the depression.[17][18]----from Wikipedia

But you'll never find economists totally agreeing on everything.

Smoot Hawley worked initially, but things went south soon after. both Smoot and Hawley were defeated at the next election.

I can only speak for Colombia-U.S. in terms of fair trade.

Colombia puts up high tariffs on goods imported from the U.S. while Colombian stuff goes into the U.S. very easily.

That's not fair, but Colombia employment would fall apart if it wasn't done that way. Colombia goods and services cannot compete with the first world. A lot of corruption here too.

Of course, tariffs wreak havoc with the NWO, BQMTJ, Kalergi, Pedophiles.

(((They))) will fight tariffs with everything they can.

Retaliation, Blather, Propaganda...

Finally they will resort to sinking ships, and blowing up factories.

This is how these Satanists operate.
.

""
Hoover opposed the bill and called it "vicious, extortionate, and obnoxious" because he felt it would undermine the commitment he had pledged to international cooperation.

However, in spite of his opposition, Hoover yielded to influence from his own party and business leaders and signed the bill.
""

There you have-it...

Hoover had "Pledged" to NWO, BQMTJ, "Internationalists", traffickers, Pedophiles...(((Them)))...the usual suspects.
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""
Hoover pursued a variety of policies in an attempt to lift the economy, but opposed direct federal relief efforts until late in his tenure.

He asked business and labor leaders to avoid wage cuts and work stoppages, and raised taxes in the hope of balancing the budget.

In 1930, he reluctantly approved the Smoot–Hawley Tariff, which sent foreign trade spiraling down.

The economy kept falling, and the unemployment rate rose to 25%, with heavy industry, mining, and wheat and cotton farming hit especially hard.

In 1932, Hoover signed a major public works bill and established the Reconstruction Finance Corporation, which was designed to provide government loans to banks, railroads and big businesses in danger of failing.

The downward economic spiral, along with violent dispersal of the Bonus Army, set the stage for Hoover's overwhelming defeat by Roosevelt.
""

"Reluctantly Signed" is NWO BQMTJ code for doing somersaults, and back-slapping his NWO buddies...

The "Reconstruction Finance Corporation" to provide loans to banks, railroads and big business, sounds pretty much EXACTLY like the Bankster-Bailout boondoggle we are still suffering under?

He did have the Hoover Dam named after him, but this was likely just a bone thrown to him for funneling the cash to his pals working the project.

?

all of this is good, and thanks for the memory refresher from Hoover, FDR, and the 1930's.

what i was referring to though is what's happening with these tariffs TODAY!

we had 20% imports back in 1930, and today we have 80%. this is a big difference, and today it's magnified.

if this raising of tariffs continues, i think it could be a major problem, but of course, i don't know.