'Trade wars are good?' Two words: Great. Depression.

[blue-wave]

President Donald Trump is itching for a trade war. No matter what you do for a living, that should scare you.

In a trade war, countries impose tariffs and other barriers on imported products, often in retaliation for actions taken by a trading partner.

That can slow down business activity around the globe by crimping international trade. In a worst case scenario, trade wars can lead to a global depression. Protectionist trade polices are one of the primary factors economists cite for deepening the Great Depression.

So if there's one thing that most economists agree upon, it's no one wins a trade war.

But President Trump doesn't believe that. He tweeted out Friday morning that for the United States, a trade war is "good" and "easy to win."




Full Article: http://money.cnn.com/2018/03/02/news/economy/why-no-one-wins-trade-war/index.html


And another older, but related article referencing the unwise Smoot-Hawley Act: http://money.cnn.com/2016/07/07/news/economy/trump-trade-smoot-hawley/index.html?iid=EL


Trump is leading us down the path of disaster. A great depression today would be much, much worse than it was in the 1930's.

[unblock]

1. "my depression will be the greatest depression, maybe ever! the best depression!"

[dalton99a]

2. It's a shame Penn can't revoke his degree in economics

[trotsky]

3. Trade wars ARE good...

...for the rich bastards who know how to profit from them.