Trump could set us into a “greater depression” says Doug Casey
(Kitco News) - If history were to repeat itself, the recent escalation of the trade wars could result in a recession, this according to Doug Casey, founder of Casey Research.
“It was the Smoot–Hawley tariffs that really brought on the last Great Depression, and it could happen again this time. The world is much more involved in trade now than it was in the 1920’s,” Casey told Kitco News.
The ramifications of an extended trade war could be disastrous, and President Donald Trump’s lack of economic knowledge is to blame, said Casey.
“[Trump] could trigger the greater depression, which I’ve talked about for years with his idiotic stance on trade. He’s going to destroy the American agriculture industry, among others. The Chinese, and anybody with any sense, would rather buy their foodstuffs from Brazil or Argentina because they’re not politicized, they’re reliable suppliers,” he said.