A trade war with Europe would be larger and more damaging than Washington’s dispute with China

Most people seem to believe that there is a nice way out of this. There is not. The current malaise has been created by the political leaders of the last 30 years in almost any Developed country. The world economy will have to shrink to a healthy size. The financial bubble upon which we all live will have to deflate. There is going to be massive pain. The world economy is like a snowball rolling down a hill. Its already monstrous and stopping the roll is going to produce lots of pain. But letting it roll on will only swell it and one day its going to crash into whatever the bottom is going to be. That’s going to be far worse than anything we are getting to feel now.

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