Glenn Beck is lying again due to his obsession with supporting the ineligible Ted Cruz. For the past several days Beck has been preaching the falsehood we all learned in our dumbed down public schools, that the Smoot-Hawley tariff regime caused the Great Depression — NOT true:
Let’s start by reminding ourselves of a basic fact: The Depression’s cause was monetary. The Federal Reserve had allowed the money supply to balloon excessively during the late 1920s, causing it to pile up in the stock market as a bubble. The Fed then panicked, miscalculated, and let the money supply collapse by a third by 1933, depriving the economy of the liquidity it needed to breathe. Trade had nothing to do with it.
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David R. Duringer, JD, LL.M, is a concealed firearm instructor and tax lawyer specializing in business and estate planning. He is managing shareholder at Protective Law Corporation, headquartered in Laguna Hills, primarily serving Orange County and Southern California with a satellite office located in Coronado (San Diego County).
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