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Senior Contributor

Get a sharpie out

https://marginalrevolution.com/marginalrevolution/2019/07/john-maynard-keynes-national-self-sufficie...

and quick blot out the name of the author and then it will be some red meat for you guys.

BTW, the UK did, in fact, weather the global great depression rather better most of the rest of the world via modest protectionism and preferential trade between the mother country and dominions.

France suffered terribly, primarily on account of a stubborn refusal to abandon the gold standard*.

You Know Who wrote this in 1933 when the world was still shell shocked about how it managed to sleepwalk from a permanent peace of global trade and diplomacy into a nightmare. The nightmare got worse.

Globalization and stuff like the EU were as much political projects as economic. The challenge for the US after the end of the very short Bush Second American Century is how to manage contraction of global influence. That was and is the question in the Obama and Trump years. although going about it in very different ways.

*all nations are somewhat subject to their national history, or legend. France had been devastated by several financial panics beginning with the notorious Mississippi Bubble of John Law. They did not trust all that financial flimflammery, with some just cause. Not unlike the hold of the German psyche on the EU.

 

 

1 Reply
Senior Contributor

Re: Get a sharpie out

Speaking of Germany, it appears that industrial output is in freefall.

And DeutscheBank is festering at the heart of the global financial system.

A race is on to see if the Fed can cut fast enough to keep the slowing global economy from going over the edge before the election.