this post was submitted on 04 Apr 2025
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If I recall my history right, the 1929 stock market collapse precipitated the Great Depression, and the tariffs were a (misguided) attempt at trying to set the economy straight.
Dont let facts get in the way of a cheeky social media post.
Ferris bueller kinda called this one.
The bueller... bueller... bueller bit is preceded by ben stein explaining the Hadley snoot tariffs to a visibly bored and distracted classroom.
From Smoot-Hawley to Bueller-Trumpy.
https://saifedean.com/the-fiat-standard-chapter-11
This ones got a good section on the great depression.
"The imposition of trade barriers in turn resulted in a further deterioration of economic conditions in the countries imposing them, even as their own citizens suffered from these very policies. The governments imposing such barriers, and the economists advocating them, would of course never admit that inflation, increasing centralization, and protectionist policies caused the progressively worsening depression. Instead, political leaders blamed other countries and local ethnic minorities. Years of scapegoating and growing hostility toward foreigners and minorities came to a head in 1939. The world's totalitarian fiat regimes began to turn on each other and on their ethnic minorities. Hayek had identified this threat to global peace in his “Monetary Nationalism and International Stability” lectures in 1937."
Did it make it better or worse?
In case you are seriously asking this is from Wikipedia.
Soooo much much worse.
I figured as such but since he was saying OP was wrong, I thought it worth asking.
The causality there is misleading. We really don’t need any sort of misleading to criticize the cheeto. There’s plenty of legitimate points to make.