Back in 1930 the Smoot–Hawley Tariff act was signed into law. During 1920s, due to improvements in production, agricultural output in the U.S. soared and prices went down. Farmers were experiencing lower standards of living, due to a widening gap between prices for their produce and goods they were buying. During 1928 Republicans maintained majorities in the House and in the Senate. Hoover was a Republican too. The same trifecta we're having today. Both chambers passed the legislation, lobbied by farm interests, with wide margins.
The problem was that the U.S. was actually running a trade surplus at the time. It was an exporter of manufacturing goods and agriculture to the rest of the world, just like China is today. Without abilities to sell to US market, other countries were not receiving cash to pay for their imports, mostly from the U.S. Many countries retaliated in kind. Global trade collapsed. Manufacturing sector, which was already far more important, took a plunge. This was one of the major causes for the Great Depression.
Back in 1930 the Smoot–Hawley Tariff act was signed into law. During 1920s, due to improvements in production, agricultural output in the U.S. soared and prices went down. Farmers were experiencing lower standards of living, due to a widening gap between prices for their produce and goods they were buying. During 1928 Republicans maintained majorities in the House and in the Senate. Hoover was a Republican too. The same trifecta we're having today. Both chambers passed the legislation, lobbied by farm interests, with wide margins.
The problem was that the U.S. was actually running a trade surplus at the time. It was an exporter of manufacturing goods and agriculture to the rest of the world, just like China is today. Without abilities to sell to US market, other countries were not receiving cash to pay for their imports, mostly from the U.S. Many countries retaliated in kind. Global trade collapsed. Manufacturing sector, which was already far more important, took a plunge. This was one of the major causes for the Great Depression.
Ukrainian forces successfully attacked Russian vehicles in the capital city of Kyiv thanks to a public tip made through the encrypted messaging app Telegram, Ukraine's top law-enforcement agency said on Tuesday. The news also helped traders look past another report showing decades-high inflation and shake off some of the volatility from recent sessions. The Bureau of Labor Statistics' February Consumer Price Index (CPI) this week showed another surge in prices even before Russia escalated its attacks in Ukraine. The headline CPI — soaring 7.9% over last year — underscored the sticky inflationary pressures reverberating across the U.S. economy, with everything from groceries to rents and airline fares getting more expensive for everyday consumers. But the Ukraine Crisis Media Center's Tsekhanovska points out that communications are often down in zones most affected by the war, making this sort of cross-referencing a luxury many cannot afford. Telegram, which does little policing of its content, has also became a hub for Russian propaganda and misinformation. Many pro-Kremlin channels have become popular, alongside accounts of journalists and other independent observers. You may recall that, back when Facebook started changing WhatsApp’s terms of service, a number of news outlets reported on, and even recommended, switching to Telegram. Pavel Durov even said that users should delete WhatsApp “unless you are cool with all of your photos and messages becoming public one day.” But Telegram can’t be described as a more-secure version of WhatsApp.
from tw
