Tariffs Are Depressing

      This is a sloppy graphic.  I have overlaid a chart of U. S. (plus France and the UK) tariffs over time with the worst depressions and panics of the late 19th and 20th Centuries.  Not all of them had names.

     Increasing tariffs is often correlated with the start of hard times.  Reducing tariffs is correlated with ending them.  It's not perfect correlation, but it's close.  There are a number of variables I have not accounted for.  Nevertheless, as muddy as these waters are, they're full of alligators.  Still eager to jump in?