I note what happened the last time it was tried and it’s seems likely it will be a negative again this time.

“The Smoot-Hawley Act triggered a "trade war" as other countries retaliated by imposing their own tariffs on American goods, leading to a sharp decline in international trade.
Economic Consequences:
The reduction in global trade exacerbated the economic downturn, contributing to the severity of the Great Depression.”

Anyway, who really knows what might happen. A lot of bad decisions have been made by western democracies over the past 30 odd years…voters vote for instant gratification…eventually the chickens come home. Hopefully it all works out but on the face of it, it looks like we were in trouble and are now going to make it worse, faster.

I just hope we can avoid, for another few decades, the kind of end game Charlie Munger described as inevitable - eventually: Greece, Rome, Weimar Germany etc etc…

There are so many variables with the current setup, as there always are, it is impossible to know how it plays out. You are 100% correct I don’t know what will happen. I’m just saying it does look seriously bad to me.

Berkshire Hathaway FAQ

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