“What does it all mean? Essentially that, just as in the 1930s during the Great Depression, everybody is in open protectionist confrontation against everybody else. Back then the ‘beggar-thy-neighbor’ policies started with the Smoot-Hawley Tariff Act of 1930. This time responsibility for triggering the devaluation race in the developed world is more widespread but the objective is similar to that of tariff policy in the 1930s.”
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