Parallels: Way Things and Story

parallels: That was the story of the 1930s and, the way things are shaping up, it could easily be the story of the 2020s as well, according to The Guardian. Consider the historical parallels. Tariffs used as a protectionist weapon followed by attempts to secure a competitive advantage by exchange rate manipulation. In 1930, the US Congress passed the Smoot-Hawley Act, which raised tariffs on imported goods. Sterling quickly lost 25% of its value against the US dollar, making British exports cheaper on world markets. The next year, Britain became the first major country to come off the gold standard. (news.financializer.com). As reported in the news.