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Politics : Dutch Central Bank Sale Announcement Imminent?
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To: sea_urchin who wrote (18996)9/14/2003 5:05:10 PM
From: Gary H  Read Replies (5) of 81139
 
I beg to differ, I think there is a very strong chance that they will work themselves into the same situation that Smoot- Hawley created as below, or something very close to it, if they choose to impose the tariffs.
The other alternative is best described by Richebacher,
financialsense.com

They are between a rock and a hard place and the alarm bells are ringing. Any corrective measures will be short lived, like trying to wiggle out of quicksand.

"In 1930, Senator Reed Smoot and Representative Willis C. Hawley jointly sponsored legislation that significantly raised the level of US tariffs. Courtesy of a recently popped equity bubble, the US economy was in recession, and a Republican administration favored the protectionist remedy as a means to provide relief for hard-pressed American workers. President Herbert Hoover signed the Smoot-Hawley Tariff Act into law in June 1930. Global trade retaliation quickly followed, as did a downward spiral of world trade. Many believe that was the decisive trigger for the Great Depression that was soon to follow. Such painful lessons should not be ignored in today’s post-bubble era. Yet that’s precisely the risk as politics now comes face to face with stresses and strains of globalization. Are we forever doomed to repeat the mistakes of history?"
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