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Quotation for Today, Wednesday 28 January

28/01/2009

“I almost went down on my knees to beg Herbert Hoover to veto the asinine Hawley-Smoot Tariff,” he recalled. “That Act intensified nationalism all over the world.”

Thomas Lamont, a partner at J.P. Morgan – June 1930

Let us remember this. Protectionism is nationalism with economic consequences which can lead to other more toxic consequences.

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