In May 1930 the economic experts told Herbert Hoover to veto smoot hawley, and Hoover
refused, which led us from a moderate depression to a great depression.
Steven Roach is on Bloomberg discussing this right now saying history is repeating itself. Trump, like Hoover, is refusing to listen to the economic experts, and he believes we are heading in the same direction.
He also pointed out that both parties are blaming China for our problems, and he believes not only is that is a fallacy, it will lead to an economic disaster.
The trade war threatens global supply chains, and while many believe inflation is no problem, just the opposite could occur.
Regardless whether one believes China is the reason for the world's economic uncertainty or not, the fact is history has shown that trade wars are a disaster, and ignoring that will be at our own peril Roach says.
= new reply since forum marked as read
Devastating. Too easy to believe. W's donor-serving administration brought globally interconnected economies very close to collapse. And this one is an even more venal and insanely incompetent continuation.
Btw, let's note that both parties are NOT blaming China "for our problems." If he's saying that, it's more of that false equalization designed to undermine confidence in Democrats. The Republicans and TrumpCo are. Democrats blame the Republicans, and merely agree with what is true in accusations against China.
I don't know just what Schumer's up to here or how weak he is. I know he supports a bill I strongly disapprove of.
He's on the Finance Committee, though, so is heavily involved with international trade agreements. And China has been stealing very heavily from us for decades. The point at which benign neglect paid by helping advance the wellbeing of a substantial portion of the world's population is past, however, and no matter how incompetently done, Trump's bull-in-China-shop breakage is presenting opportunities to be grabbed.
This is probably in addition a political move because multitasking that way is SOP. Just guessing, for instance both somehow against McConnell, who's Chinese big business's main man in DC, and as a quote to be used in swing districts and states. But...?
As for Roach, I certainly won't disagree with anyone of his stature on economic policy.
But I am an expert on the use of false equivalencies as disinfo to convince voters that Democrats are just as bad as Republicans. I'd have to check my data for the latest figures 
, but there's an extremely strong correlation between use of false equivalencies and support for Republican control of government.
Roach is not just speaking sloppily in linking congressional Democrats to the Trump administration's trade war supported by Republicans. He's made the same false equivalency in writing: that both Republicans and Democrats blame China for "all that ails the United States." Suuure.
