Back to the future: Beggar thy neighbor, raise the other guy’s taxes and Buy American

Competitive devaluation, protectionism, tax hikes amid a recessionary spiral: Haven’t government’s learned anything?

China wants to guide the yuan lower amid a slide in exports, the US wants to “buy American” and House Democrats want to immediate hike taxes, but only on “the rich”. We’ve seen these scenarios come together in the 1930s, helping contribute to the conditions which led to World War II.

Won’t they ever learn?