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To: from occupied ga
Ah the Smoot-Hawley Red Herring.

Imports during 1929 were only 4.2% of the United States' GNP and exports were only 5.0%. Monetarists, such as Milton Friedman, who emphasize the central role of the money supply in causing the depression, note that the Smoot-Hawley Act only had a contributory effect on the entire U.S. economy.

We manufactured our own junk back then, we had a trade surplus. Trade was only 5% of GDP, Smoot Hawley could not have had a major impact on the Depression.

49 posted on 01/17/2014 10:31:36 AM PST by central_va (I won't be reconstructed and I do not give a damn.)
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To: central_va
Try reading this
50 posted on 01/17/2014 10:35:19 AM PST by from occupied ga (Your government is your most dangerous enemy)
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