James Altucher

Obviously, it's very different. But historically, tariffs was the main source of revenues, at least for early America. And there was zero inflation then. So tariffs are not really connected to inflation, despite... what people are saying and we can get to why in a second. But then federal income taxes started. It was a constitutional amendment.

Obviously, it's very different. But historically, tariffs was the main source of revenues, at least for early America. And there was zero inflation then. So tariffs are not really connected to inflation, despite... what people are saying and we can get to why in a second. But then federal income taxes started. It was a constitutional amendment.

I think it was the 16th amendment and Woodrow Wilson was the first president to introduce income taxes. And then slowly the US started shifting their revenues. Now almost all the revenues come from income taxes and very little comes from tariffs. But in 1929, which is a familiar day to people is the beginning of the great depression.

I think it was the 16th amendment and Woodrow Wilson was the first president to introduce income taxes. And then slowly the US started shifting their revenues. Now almost all the revenues come from income taxes and very little comes from tariffs. But in 1929, which is a familiar day to people is the beginning of the great depression.

I think it was the 16th amendment and Woodrow Wilson was the first president to introduce income taxes. And then slowly the US started shifting their revenues. Now almost all the revenues come from income taxes and very little comes from tariffs. But in 1929, which is a familiar day to people is the beginning of the great depression.

There was a tariff act passed, the Smoot-Hawley tariff, which put a huge, like a 60% tariff on everything, like everything imported. So Herbert Hoover, the president, he just did not want any foreign country to interfere with American industry. So he was completely a protectionist and isolationist. He didn't want trade. He only wanted us selling to other countries.

There was a tariff act passed, the Smoot-Hawley tariff, which put a huge, like a 60% tariff on everything, like everything imported. So Herbert Hoover, the president, he just did not want any foreign country to interfere with American industry. So he was completely a protectionist and isolationist. He didn't want trade. He only wanted us selling to other countries.

There was a tariff act passed, the Smoot-Hawley tariff, which put a huge, like a 60% tariff on everything, like everything imported. So Herbert Hoover, the president, he just did not want any foreign country to interfere with American industry. So he was completely a protectionist and isolationist. He didn't want trade. He only wanted us selling to other countries.

He didn't want anybody buying from other countries. So he put this huge tariff on everyone else, on every other country. And then every industry collapsed because there were no buyers. And all the other countries put big tariffs on the U.S. And there was a Great Depression.

He didn't want anybody buying from other countries. So he put this huge tariff on everyone else, on every other country. And then every industry collapsed because there were no buyers. And all the other countries put big tariffs on the U.S. And there was a Great Depression.

He didn't want anybody buying from other countries. So he put this huge tariff on everyone else, on every other country. And then every industry collapsed because there were no buyers. And all the other countries put big tariffs on the U.S. And there was a Great Depression.

Yeah. So first off, let's look at 2018. Trump was president before, as we all know. And he put pretty big tariffs on Chinese products in 2018, Mexico, Canada. Europe, he put a bunch of, if people remember, he put a lot of tariffs on many, many products and pretty big tariffs as well. In some cases, bigger than the tariffs he's putting on now. And what was the result? Well, inflation,

Yeah. So first off, let's look at 2018. Trump was president before, as we all know. And he put pretty big tariffs on Chinese products in 2018, Mexico, Canada. Europe, he put a bunch of, if people remember, he put a lot of tariffs on many, many products and pretty big tariffs as well. In some cases, bigger than the tariffs he's putting on now. And what was the result? Well, inflation,

Yeah. So first off, let's look at 2018. Trump was president before, as we all know. And he put pretty big tariffs on Chinese products in 2018, Mexico, Canada. Europe, he put a bunch of, if people remember, he put a lot of tariffs on many, many products and pretty big tariffs as well. In some cases, bigger than the tariffs he's putting on now. And what was the result? Well, inflation,

was around 1.7%. So it was inflation was almost deflation. I talked to a Federal Reserve governor around that time who told me that what worried them at night was not inflation, but deflation because they were trying really hard to create inflation. and there was none.

was around 1.7%. So it was inflation was almost deflation. I talked to a Federal Reserve governor around that time who told me that what worried them at night was not inflation, but deflation because they were trying really hard to create inflation. and there was none.

was around 1.7%. So it was inflation was almost deflation. I talked to a Federal Reserve governor around that time who told me that what worried them at night was not inflation, but deflation because they were trying really hard to create inflation. and there was none.

Yeah, so what happened was, is that 40% of all the money created since the beginning of the planet was printed by the United States in around early 2021 to do all these bailouts in 2020. Between 2020 and 2021, 40% of all the money created in history was printed by the US this one year, you know, for the pandemic bailouts. The year after, like 2022, is 9% inflation.

Yeah, so what happened was, is that 40% of all the money created since the beginning of the planet was printed by the United States in around early 2021 to do all these bailouts in 2020. Between 2020 and 2021, 40% of all the money created in history was printed by the US this one year, you know, for the pandemic bailouts. The year after, like 2022, is 9% inflation.

Yeah, so what happened was, is that 40% of all the money created since the beginning of the planet was printed by the United States in around early 2021 to do all these bailouts in 2020. Between 2020 and 2021, 40% of all the money created in history was printed by the US this one year, you know, for the pandemic bailouts. The year after, like 2022, is 9% inflation.