light summer reading
In the midst of the last "easy motoring" summer, all warm breezy days and skittering thunderclouds, I found time to read the following article, spotted on FTD.
The coming trade war and global depression
US President George W Bush defends his free-trade agenda in moralistic terms. "Open trade is not just an economic opportunity, it is a moral imperative," he declared in a May 7, 2001, speech. "Trade creates jobs for the unemployed. When we negotiate for open markets, we're providing new hope for the world's poor. And when we promote open trade, we are promoting political freedom." Such claims remain highly controversial when tested by actual data.
Look; this article is long. Might even seem dull at first blush, but is to the contrary lucid and interesting. It slices right through self-aggrandizing American mythology and doubletalk that gets served up at every Wal-Mart and Burger shack, and manages to do so in a politically neutral way, in the sense that neither Democrats or Republicans are absolved of stupidty by the author.
Further, it paints a clear and independantly verifiable picture of how much trouble the global economy is in right now.
It is a great backgrounder.
After assimilating it, as a thought experiment, the curious might add peak oil into the mix -- just to see if the scales of justice have a breaking point.