FAMAGUSTA GAZETTE – Nobel Prize-winning economist Simon Johnson has drawn comparisons between the U.S. government’s recent retaliatory tariffs and the economic turmoil of the Great Depression.
Speaking on the Swedish TV, Johnson, a British-American professor at MIT, highlighted striking similarities to the early 1930s.
He likened the situation to the aftermath of the 1929 stock market crash, which triggered a trade war and the collapse of major banks, ultimately leading to the Great Depression.
“The early years of the Great Depression are an exact parallel to what is happening today,” Johnson stated, adding that the current U.S. administration’s actions could provoke a global economic catastrophe.