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Trump’s economic proposals echo rhetoric that plunged US into the Great Depression: analysts

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In the week since Donald Trump became the president-elect of the United States, many people have tried to rationalize what may have led to his victory, and some have pointed to the question of globalization.

According to Business Insider, which cited Deutsche Bank strategists George Saravelos and Robin Winkler, the period of globalization, which has dominated market trends for at least the last century, is coming to an end.

The most tangible way of understanding this very rationale is looking at the United States electing Trump, the United Kingdom voting in favor of Brexit, it’s the movement behind Marine Le Pen in France.

Even the day before the election, former McCain campaign Chief strategist, Steve Schmidt suggested that this election was representational of a shift away from Left v. Right politics, toward one of those benefitting of not from globalization.

Saravelos and Winkler, however, pointed to another time in U.S. history when the government tried to curb the trend of globalization and protect the domestic economy. It led to the Great Depression, they note.

As follows:

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In 1928, on the eve of the Great Depression, Herbert Hoover ran on a platform that promised higher tariffs on agricultural products to America’s suffering farmers. Having won the presidency and a comfortable Republican majority in Congress, Hoover proceeded to pass, with the help of Republican senators, the Smoot-Hawley Act, which was signed into effect in 1930 and raised tariffs on more than 20,000 products to levels not seen before in US trade history.

As a result, US trade halved within years, and global trade weakened even more, even if it continued at low levels within regional trading blocs such as the Commonwealth and the remnants of the Gold Bloc. The rise in protectionism served as an important catalyst to the global recession.

This growing global trend of far right movements pushing back against globalization are not only economic but racial too, as the pushback across various examples has targeted black communities, Muslim communities, and in the U.S., Latino communities.

Saravelos and Winkler also noted that it is unlikely that Trump’s economic policies will set up another economic catastrophe in the U.S. — it’s unclear how he intends to enact his economic policy platform and he previously offered leadership roles in his administration to Wall Street lobbyists.

The strategists suggest, however, that they also “doubt that global growth will be helped” because of his policies, adding there could be “serious problems” with their implementation.

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LISTEN: Here’s the creepy broadcast at Trump’s rally telling supporters the right way to deal with protesters

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On Tuesday, President Donald Trump officially kicked off his 2020 re-election campaign in Orlando, Florida.

Those who entered the venue were treated to a pleasant female voice booming out instructions to protestors — and a creepy warning.

"While we all have the rights to free speech, this is a private event paid for and hosted by Donald J. Trump for President, Inc., and you came to hear the president," said the voice. "To accommodate the right to free speech and peaceful assembly, while ensuring an orderly rally, we have provided a secure area outside the venue for all protesters, and we ask anyone wishing to demonstrate to please exit to that secure area."

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Ukrainian-Russian developer with Trump Tower Moscow ties suing after getting bilked for $200,000 at inauguration

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It is illegal for foreigners to donate to presidential inaugurations, but a new lawsuit sheds light on how wealthy foreigners attempted to buy access to the Trump administration.

"A Ukrainian-Russian developer who wanted access to President Trump’s inauguration filed a lawsuit on Tuesday saying he was bilked out of the $200,000 he paid for what he thought would be V.I.P. tickets to the event," The New York Times reported Tuesday.

"The developer, Pavel Fuks, who once discussed a Moscow real estate project with Mr. Trump, said in the lawsuit, filed in the United States District Court for the Central District of California, that he had paid the money to a firm at the direction of Yuri Vanetik, a prominent Republican fund-raiser and sometime lobbyist," the newspaper explained. "But, the lawsuit said, Mr. Vanetik failed to come through with the promised tickets, and Mr. Fuks ended up watching the inauguration from a Washington hotel bar."

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Indicted Republican gets his passport back — so he can leave the country prior to his bribery trial

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Despite being indicted and waiting to stand trial, a North Carolina judge returned the passport of a top Republican and is allowing him to leave the country.

Former North Carolina GOP Chair Robin Hayes spent a decade in Congress and was once the Republican nominee for governor.

In April, Hayes was indicted on bribery and wire fraud charges.

Despite the seriousness of the charges, a federal judge will temporarily return Hayes' passport for him to travel abroad in July, WSCO-TV correspondent Joe Bruno reported on Tuesday.

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