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To: JF Quinnelly who wrote (136)	3/30/2001 9:59:00 PM
From: Ilaine	Read Replies (1) \| Respond to of 443

>>Smoot-Hawley, the big bugaboo, didn't go into effect until after the stock market collapsed. It may have exacerbated the Depression in some export dependent countries, but it didn't cause the depression in America.<< Smoot-Hawley wasn't as bad as the Fordney-McCumber act of 1922. However, it did come into effect in early 1930, and I challenge you to prove to me that the US was experiencing anything but a recession at the time. I haven't read Keyne's Economic Consequences of the Peace yet. I will amend my statement to say that the hyperinflation was not inevitable for economic reasons, and was caused by political reasons. They definitely were shifting the gold from country to country in Europe. Changing the nameplates requires 1) trusting the person who puts on the nameplates, 2) trusting that there will never be a bank panic.