Ooops, sorry, I meant 'economics' but, alas and alack, not only do I not understand it, I can't even spell it! Hence, you will be glad to know, I am disqualified from commenting on the 'Big Don's' version of this abstruse subject. Do I think that he knows what he is doing - I do not! Does that make him wrong? Not necessarily. How will we know? When we are all stinking rich on the backs of thriving economies, or, perish the thought, when we are all flat broke and unable even to pay for a decent begging bowl.
There is no doubt that the plethora of 'yuuuuuuge' trading blocs with their own set of rules and regs and tariffs seem to have kept the world more or less balanced but I have always had the suspicion that behind that stasis necessary corrections and tweeks were not taking place so that when the crunch came it would be truly disastrous. The 'Big Don' has tossed his economic and trading grenades into the room and all we can do now is watch- and pray!
Meanwhile, 'I bring thee glad tidings of great joy' from the redoubtable 'A E-P' who tells us in The Telegraph that the latest economic growth stats from 'this septic Isle' were better than the Eurozone:
But the fact remains that GDP growth in Brexit Britain still came in at 0.4pc, compared to 0.2pc in both France and Italy. The flash figure for the eurozone is 0.3pc. That will probably be the German tally as well.
Money supply data foretold the eurozone’s sharp slowdown this year. Events have unfolded in textbook fashion. Hats off to Simon Ward at Janus Henderson who called it perfectly.
The loss of momentum was already baked into the pie before Trump began his trade wars. The attempt to blame it all on some external shock is a post-facto rationalisation by analysts who do not track/understand monetary data and were caught by surprise.