Trade Wars Are Easy to Lose

[The Minsky Moment]

https://www.cnbc.com/2019/10/01/us-manufacturing-economy-contracts-to-worst-level-in-a-decade.html

The U.S. manufacturing purchasing managers' index from the Institute for Supply Management came in at 47.8% in September, the lowest since June 2009, marking the second consecutive month of contraction. Any figure below 50% signals a contraction.

The new export orders index was only 41%, the lowest level since March 2009, down from the August reading of 43.3%, ISM data showed.

"We have now tariffed our way into a manufacturing recession in the U.S. and globally," said Peter Boockvar, chief investment officer at Bleakley Advisory Group.

[The Brain]

Deal.

[Valmy]

If we were having an honest discussion about trade, instead of just ranting populist-like, I would here present this evidence as supporting my free trade ideals.

But that kind of discussion is not taking place so I will just feel really depressed...as per usual.