We don't often thing about taxes on imports in the country. Import tariffs used to be the main source of income for the federal government, but federal; expenditures became so large that they couldn't be covered by income tariffs. Income taxes used to be greatly restricted, and they were only paid by rich people. I remember going into the kitchen, when I was a child, and I heard my father say, “But only rich people pay that.” And my mother replied, “I guess that means that we are rich.” ...
I was thinking about how the U.S. economy would go from the upswing that Trump takes credit for to the Even Greater Depression that his trade war will bring on. Trump should be separated from the claims of strong economy, and he could be thrown out of office and not have a chance of re-election, and he may have undone himself with the additional tariffs. I wasn't expecting the stock market to tank for a considerable time, as it happened during the 1920's. I'm not the only one who ...
Updated 06-09-2019 at 02:05 PM by PeterL
Wars are examples of diplomacy failing. Trade wars are one form of war, and they can be a harmful as shooting wars. The Great Depression was caused by a trade war, and we may have a similar event in the near future. The history books don’t have much about it, but there nearly was a shooting war between the U.S.A. and the UK in the 1920’s. London had been the primary center of international finance since the Seventeenth Century. Debt and equity were issued and traded there more than ...
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