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Echoes of Smoot-Hawley: How “Liberation Day” Mirrors the Catalyst to the Great Depression
The shot fired around the world has striking similarities to the accelerator of the Great Depression.
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Most of the world is living in denial, acting like the Great Depression never existed, nor do they believe it can happen again. As if Hoovervilles or waiting in line at soup kitchens for your next meal never was a reality in America.
What was it like to grow up during those times?
Was a question we pondered back then. We never thought that we would have to revisit this question as an adult with a family. Yet several decades later, here we are thinking the same question we had as a young adult.
In the most recent emergency Fed meeting, Powell briefly referenced the Smoot Hawley tariff:
“The Smoot-Hawley tariffs were actually not this large and they were 95 years ago. So there isn’t a modern experience of how to think about this.”
