The Great Depression was caused by a reduction of the US money supply by 1/3, not protective tariffs. In fact, both Harding and Coolidge, both conservative, advocated and maintained high tariffs during the economic boom of the 1920’s.
Protectionism never works, and you don’t want to be sending you gold to other countries right about now.
The Great Depression was caused by a reduction of the US money supply by 1/3, not protective tariffs. In fact, both Harding and Coolidge, both conservative, advocated and maintained high tariffs during the economic boom of the 1920’s
Good points....and it has been only a recent trend by some to blame “protectionism” and “Americanism” on the Great Depression....which was not the case.
It is sad that a large number of GOP have adopted the George Soros mantra of Free Trade...note that most of the liberal Democrats (Gore, the Clintons, and many others) are unabashed Free Traders.
Our economy will never improve as long as we continue Free Trade deals that ship American wealth and jobs to Communist China, and other places. The supporters of Free Trade have no clue, or explanation, on how Free Trade has led us to our current economic situation
Statist mythology. The Fed tried everything to inflate the money supply but the banks wouldn't take the money (kinda like now). Deflation was an result of the depression, not a cause. The cause was the inflation carried out by the Fed during the preceding decade.
No matter how many times that Fed idolizing myth gets told it isn't going to be true.
And yes, of course protectionism made everything worse. How could reducing foreign trade by 60% not harm the economy?