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To: NRx

The Fordney-McCumber Tariff of 1922 wasn’t appreciably different from the Smoot-Hawley Tariff of 1930. The US basically had an unchanged level of taxation beginning with 1922.

The primary cause of the Great Depression was a collapse in the US banking system, as described by Friedman & Schwartz and Joseph Schumpeter.

Smoot-Hawley is what contemporaneous writers latched onto as a cause but the real damage was 30% of the American money supply evaporating in a series of cascading bank failures from 1930-33.


3 posted on 10/23/2019 4:41:31 PM PDT by Pelham (Secure Voter ID. Mexico has it, because unlike us they take voting seriously)
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To: Pelham

My g-grandfather just put his two weeks pay in the bank in a little town in Iowa.
The next day, the bank closed.

The same family is running a bank nearby.


4 posted on 10/23/2019 4:47:11 PM PDT by Eric in the Ozarks (Baseball players, gangsters and musicians are remembered. But journalists are forgotten.)
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