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The Latest Breaking News from the Great Depression

Tariffs and trade wars: here’s what Trump is failing to learn from the Great Depression

Imagine waking up in 1932, in any US city. Upon ordering your morning coffee, you realise that its price has doubled since last year. This isn’t because of a coffee shortage, but rather because new trade barriers have caused the price of importing Colombian coffee beans to shoot up. The…

The Conversation

The Tariff Madness Isn't Over

Even after Trump paused some of his new tariffs for 90 days, we still have the highest average tariffs in over a century and the biggest trade war since the Great Depression. Real relief will only come if Congress or the courts deny Trump the power to do this.

Reason

Trump says high tariffs may have prevented the Great Depression. History says different

In the early days of the Great Depression, Rep. Willis Hawley, a Republican from Oregon, and Utah Republican Sen. Reed Smoot thought they had landed on a way to protect American farmers and manufacturers from foreign competition: tariffs

The Independent UK

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The last time this led to Great Depression, Irish money minister warns

An Irish Cabinet minister has compared US President Donald Trump’s tariff regime to the circumstances which precipitated the Great Depression.

Evening Standard

Are Trump's tariffs as bad as the Smoot-Hawley Act, which is blamed for deepening the Great Depression? They're actually worse

Those dreading a return to the Smoot Hawley days think this time around could be even worse given the size and scale of Trump's new tariffs.

Fortune

Trump Mocked for Claiming Tariffs Would Have Prevented Great Depression: 'Make Everyone Poor Again'

The internet is mocking President Donald Trump for boasting about his impending tariffs, which experts say will do the opposite of grow the economy.

Latin Times

Trump declares Great Depression wouldn’t have happened with tariffs

Donald Trump has declared that the US could have avoided the Great Depression with tariffs.

The Independent UK

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Ferris Bueller scene goes viral as Trump tariffs take effect: ‘Did it work? Anyone?’

Ben Stein plays an economics teacher explaining how tariffs exacerbated the Great Depression

The Independent UK

Americans are taught FDR was the hero of the Great Depression. For one historian, that’s erasure

In a new book, Dana Frank tells stories of the people who ‘made history happen’ through organizing and mutual aid

The Guardian - US

Millions of Mexican Americans were deported in the 1930s. Are we about to repeat this ‘ethnic cleansing’?

Nearly 2 million Mexican Americans, more than half US citizens, were deported without due process during the Great Depression, reminiscent of what is unfolding today

The Guardian - US

AI optimists are behaving like the investors who got burned in the Great Depression and dot-com bubble, Vanguard's chief economist warns

Fortune

Trump's Destructive Tariff Proposals Will Make Us All Poorer

The candidate’s protectionism offsets some otherwise positive tax ideas.

Reason

No, the world isn’t heading toward a new Cold War – it’s closer to the grinding world order collapse of the 1930s

The past decade and a half has seen upheaval across the globe. The 2008 financial crisis and its fallout, the COVID-19 pandemic and major regional conflicts in Sudan, the Middle East, Ukraine and elsewhere have left residual uncertainty. Added to this is a tense, growing rivalry between the U.S. and…

The Conversation

Trump says he doesn't "want to be Herbert Hoover" and says he hopes economy crashes in next 12 months

Former president made the comments on network owned by MyPillow founder Mike Lindell.

Fortune

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Fortune

Research shows that grandparents are great personal finance teachers. Here’s what my poppa who became an accountant during the Great Depression tried to teach me about money

Almost a third of grandchildren (30%) say their grandparents passed down "financial and money-saving advice."

The Philadelphia Inquirer

Mike Sielski: Vic Seixas, the oldest living Wimbledon champ, is turning 100. He has no time for Djoker or Rafa or pity.

PHILADELPHIA — The oldest living Wimbledon champion doesn’t take in much tennis anymore. It bores him. Too much power. Too many booming serves and baseline rallies. When Vic Seixas was learning the sport in Overbrook Park during the dawn of the Great Depression, working as a ball boy at the…

Bangkok Post

China censors top financial pundit over economy comments

BEIJING: A prominent Chinese financial journalist who has compared the country's economic problems to the Great Depression has been banned from social media.

Fortune

You're about to pay more for orange juice as Florida citrus growers see the smallest crop since the Great Depression

The Department of Agriculture estimates the lowest totals in 90 years.

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The Conversation

Degrowth isn't the same as a recession – it's an alternative to growing the economy forever

The UK economy unexpectedly shrank by 0.3% in March, according to the Office of National Statistics. And though the country is likely to narrowly avoid an official recession in 2023, just as it did the previous year, the economy is projected to hit the worst growth rates since the Great…

Fortune

Billionaire investor Charlie Munger says stock market ‘gambling’ is as addictive as ‘heroin’—but he sees no way to fix it

Berkshire Hathaway's Munger criticized investors who trade like they're "gambling" and said it causes harm like the Great Depression.

Tribune News Service

Editorial: It’s back: Farm bill still crammed with subsidies, pork

Decades ago, when the late Harry Reid was relatively new to the upper chamber, a book arrived at our offices courtesy of the Democratic senator. It was “The Farm Fiasco” by libertarian author James Bovard, a piercing work that critically examined the labyrinth of subsidies, handouts, pork and market distortions…

The Conversation

SVB's newfangled failure fits a century-old pattern of bank runs, with a social media twist

The failure of Silicon Valley Bank on March 10, 2023, came as a shock to most Americans. Even people like myself, a scholar of the U.S. banking system who has worked at the Federal Reserve, didn’t expect SVB’s collapse.

Fortune

‘Gerbil banking’ preceded the Great Depression. We’re seeing it again today

Big banks are attracting more deposits–and putting money back into failing banks. A similar system existed in the run-up to the Great Depression.

Fortune

Silicon Valley Bank might have just blown up a banking regulation that was put in place at the depths of the Great Depression

Why deposit insurance matters: Without it, America's press secretary had to put his money under a mattress in the 1930s.

Los Angeles Times

Did deregulation lead to Silicon Valley Bank's collapse?

It was a scene straight out of the Great Depression: a major California bank locking its doors and pulling down the shades as a horde of panicky depositors demanded their money.

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