"We are looking at competitive currency devaluations, which causes rancor, causes unhappiness, and fingerpointing and god-forbid tariffs and things that cause even slower economic growth a la the 1930s."
H/T Zero Hedge (btw, here is the full interview).
Here's more on the Smoot-Hawley Tariff Act via Wikipedia.
"The Tariff Act of 1930 (codified at 19 U.S.C. ch. 4), otherwise known as the Smoot–Hawley Tariff or Hawley–Smoot Tariff, was an act sponsored by Senator Reed Smoot and Representative Willis C. Hawley and signed into law on June 17, 1930, that raised U.S. tariffs on over 20,000 imported goods to record levels.
The overall level of tariffs under the act were the highest in the U.S. in 100 years, exceeded by a small margin by the Tariff of 1828,. The act, and the ensuing retaliatory tariffs by U.S. trading partners, reduced American exports and imports by more than half. Economists agree that the Smoot–Hawley Tariff Act increased the severity of the Great Depression."