The Great Depression begins: Republican (fascist/socialist) Hoover signs the (protective) Smoot-Hawley Tariff Act, raising import duties to an average of 59.1%—their highest levels in history.
NOTES:
- Stock markets fell precipitously the day President Hoover signed this act.
- The 23% tariff on imported goods, from the Empire of Japan, solidified the position of the militarists, who wanted to expand the empire into China, at the expense of the liberals, who favored peace, and free trade.
- From the beginning of 1929, until March 1933, the 75 largest international trading companies in the nation suffered an 83% decline in their sales.
[restored 5/7/2021]
Subsequent Events:
Authority:
Article I, Section 8 [Clause 1]
ccc-2point0.com/constitution-for-the-united-states
References:
Calvin D. Linton, ed. The Bicentennial Almanac: 200 Years of America, 1776-1976, (Nashville, Tennessee: Thomas Nelson, 1975), 323.
Thomas DiLorenzo, How Capitalism Saved America: The Untold History of Our Country, from the Pilgrims to the Present, (New York: Crown Forum, 2004), 170.
Smoot–Hawley Tariff Act – Wikipedia
en.wikipedia.org/wiki/Smoot%E2%80%93Hawley_Tariff_Act
U.S. Banking Timeline
www.libertyforlife.com/banking/currency-us-timeline.html
Current U.s. National Debt:
