COMMENT: Marty, you were right. These people are myopic and have no idea of how the world economy functions. They reveal their ignorance, blaming Trump’s tariffs for the coming recession, when you pointed out that even China turned them down, as did Europe, as soon as your ECM turned them down one year ago. The fake news and analysis is unbelievable.

Jed

REPLY: I know. It was inevitable that the decline in the world economy would be blamed on Trump and his tariffs when it is really all about excessive regulation and taxes on a global level. Anyone who blames the tariffs has ignored history and has bought into the propaganda of the Democrats that blamed the Great Depression on tariffs during the 1932 election. No serious economist has ever agreed with that since the Smoot-Hawley Act was a response to Europe, and it was passed in June 1930, after the crash had already begun. It was focused on agriculture.

These are the idiotic statements that prevent society from learning anything at all. At last November’s World Economic Conference in Orlando, I warned we were headed into a recession in the USA, but most likely a depression in Europe. That forecast was before Trump’s tariffs, just as the Smoot-Hawley Tariff came after the 1929 Crash in June 1930.