Trump Is pushing us toward a Crash. It could be 1929 all over again.
The economic landscape under Republican administrations, particularly since 1953, paints a concerning picture. History shows a clear pattern, with a significant number of recessions, a vast majority, beginning under Republican leadership. This context sets the stage for a worrisome present, especially when considering the actions of a figure like Donald Trump. His history of business failures, marked by multiple bankruptcies, raises serious red flags. Could the United States, under his influence, be heading towards a financial catastrophe mirroring the Great Depression?
The potential for a severe economic downturn under Trump’s guidance is a very real possibility, and it’s something that should concern everyone.… Continue reading
In light of the escalating US-China trade war, Ambassador Xie Feng warned against protectionist policies reminiscent of the Smoot-Hawley Act. He used the analogy of treating underlying causes, not just symptoms, advocating for collaborative global economic growth instead of a zero-sum approach. Drawing on ancient Chinese philosophy, Xie highlighted the Act’s contribution to prolonging the Great Depression as a cautionary example. His message urged a cooperative solution to avoid repeating past mistakes.
Read More
President Trump’s assertion that tariffs could have prevented the Great Depression sparked widespread online ridicule. He incorrectly claimed that a lack of tariffs caused the Depression, directly contradicting the established understanding that the Smoot-Hawley Tariff Act, enacted during the Depression, worsened the economic crisis through trade wars. His new tariff announcement immediately triggered a stock market downturn, further fueling criticism. Experts, including former Labor Secretary Robert Reich, condemned the tariffs as unjustly transferring wealth from working people to the wealthy.
Read More
The U.S.’s planned imposition of significant import tariffs poses a severe threat to the global economy, according to a senior official at the International Chamber of Commerce. This protectionist approach risks triggering a downward spiral reminiscent of the 1930s trade wars, potentially causing a global economic crisis. Historical parallels to the Great Depression, marked by widespread unemployment and drastically reduced industrial production, underscore the severity of the risk. The ICC urges a reconsideration of these policies to avert a major economic downturn.
Read More
Eliminating the FDIC, the agency safeguarding depositors’ accounts in case of bank failures, is a frightening prospect with potentially devastating consequences. This action, seemingly advocated by certain political figures, could unravel the very foundations of financial stability, echoing the disastrous events of the Great Depression.
The FDIC’s role is crucial in maintaining public trust in the banking system. Without this protection, the risk of bank runs – a mass withdrawal of funds driven by fear – becomes exponentially higher. Imagine millions of people rushing to withdraw their savings, potentially collapsing even solvent banks. The resulting chaos would cripple the economy, mirroring the catastrophic bank failures that exacerbated the Great Depression.… Continue reading
Matt Underwood 
John Q. Hosedrinker