According to one famous political leader, "tariff" is the most beautiful word in a dictionary. In this light, some historical parallels are worth remembering.
The Smoot-Hawley Tariff Act was passed by Congress in June 1930 and signed into law by President Herbert Hoover on June 17, 1930. On September 18, 1931, Japan invaded Manchuria and a bloody war followed. This was a direct consequence of said legislation, albeit an unintended one. Reciprocal tariffs from the rest of the world hit US exporters really hard too. Because the U.S. was a large net exporter it only worsened the already deteriorating economic situation. Back then the driving force behind tariffs were farmers, who had an overly naïve understanding of the economy, yet were extremely vocal constituents. It was MAGA before the term's existence.
To be fair, tariffs are a useful tool to hedge from beggar thy neighbor industrial, and by extension trade policies, of other countries. Just don't pretend they'll be cost-free.
According to one famous political leader, "tariff" is the most beautiful word in a dictionary. In this light, some historical parallels are worth remembering.
The Smoot-Hawley Tariff Act was passed by Congress in June 1930 and signed into law by President Herbert Hoover on June 17, 1930. On September 18, 1931, Japan invaded Manchuria and a bloody war followed. This was a direct consequence of said legislation, albeit an unintended one. Reciprocal tariffs from the rest of the world hit US exporters really hard too. Because the U.S. was a large net exporter it only worsened the already deteriorating economic situation. Back then the driving force behind tariffs were farmers, who had an overly naïve understanding of the economy, yet were extremely vocal constituents. It was MAGA before the term's existence.
To be fair, tariffs are a useful tool to hedge from beggar thy neighbor industrial, and by extension trade policies, of other countries. Just don't pretend they'll be cost-free.
U - Unintended consequences.
#economics February 2025
BY Random Thoughts
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Groups are also not fully encrypted, end-to-end. This includes private groups. Private groups cannot be seen by other Telegram users, but Telegram itself can see the groups and all of the communications that you have in them. All of the same risks and warnings about channels can be applied to groups. "The inflation fire was already hot and now with war-driven inflation added to the mix, it will grow even hotter, setting off a scramble by the world’s central banks to pull back their stimulus earlier than expected," Chris Rupkey, chief economist at FWDBONDS, wrote in an email. "A spike in inflation rates has preceded economic recessions historically and this time prices have soared to levels that once again pose a threat to growth." On February 27th, Durov posted that Channels were becoming a source of unverified information and that the company lacks the ability to check on their veracity. He urged users to be mistrustful of the things shared on Channels, and initially threatened to block the feature in the countries involved for the length of the war, saying that he didn’t want Telegram to be used to aggravate conflict or incite ethnic hatred. He did, however, walk back this plan when it became clear that they had also become a vital communications tool for Ukrainian officials and citizens to help coordinate their resistance and evacuations. At the start of 2018, the company attempted to launch an Initial Coin Offering (ICO) which would enable it to enable payments (and earn the cash that comes from doing so). The initial signals were promising, especially given Telegram’s user base is already fairly crypto-savvy. It raised an initial tranche of cash – worth more than a billion dollars – to help develop the coin before opening sales to the public. Unfortunately, third-party sales of coins bought in those initial fundraising rounds raised the ire of the SEC, which brought the hammer down on the whole operation. In 2020, officials ordered Telegram to pay a fine of $18.5 million and hand back much of the cash that it had raised. Telegram does offer end-to-end encrypted communications through Secret Chats, but this is not the default setting. Standard conversations use the MTProto method, enabling server-client encryption but with them stored on the server for ease-of-access. This makes using Telegram across multiple devices simple, but also means that the regular Telegram chats you’re having with folks are not as secure as you may believe.
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