Each passing week brings new evidence to support the contention that the damage from the epochal shift towards protectionism and away from globalization and multilateralism is already done. It's now just a question of whether it gets worse.
The IMF and the OECD have slashed their outlook for the global economy repeatedly, warning time and again that without an end to the trade conflicts, fiscal stimulus or, ideally, both, the situation will become increasingly dire.
“The global economy is facing serious headwinds and slow growth is becoming worryingly entrenched”, OECD Chief Economist Laurence Boone said last month. “The uncertainty provoked by the continuing trade tensions has been long-lasting, reducing activity worldwide and jeopardizing our economic future”.
In other words: This is not a drill. The ongoing backslide into protectionism and nationalism at the expense of globalized markets and inclusive politics has chipped away at the very foundation on which the modern system of trade and commerce is built. That foundation hasn't crumbled yet, but it's getting shakier by the month.
Underscoring all of this is BofA's Athanasios Vamvakidis, who delivers a strikingly
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