WTO Slashes Global Trade Growth Forecast by 39% Since April: “Wake-Up Call” Says WTO Director | MishTalk
I agree with Mish:
"In light of the WTO report I repeat my warnings from yesterday:
The risk of global trade wars is very high and rising.
Trade talks are collapsing everywhere.
The above 10-point list is very real and very scary.
Protectionism is high and rising.
No one wins trade wars.
Both Trump and Clinton offer protectionism. Protectionism is guaranteed to cost jobs."
Smoot-Hawley was bad, this will be much worse as it is being triggered by a slow moving EU style recession, and not the pre government regulation recession/depressions which occurred in the pre WWII economy.
Samuel Langhorne Clemens was correct, history does not repeat, but it oft rhymes. This rhyme is a very bad lyric. It will cause extraordinary problems, and could slide the world from recession to depression. Worse yet, the US is in no position to power the world out of any economic downturn. The progressive policies we are living under today have all but strangled US growth, and will continue to throttle growth until they are discarded.