Posts Tagged ‘Hungary’

 

Authored by Michael Snyder via The Economic Collapse blog

 

Two major hurricanes, unprecedented earthquake swarms, and wildfires roaring out of control all over the northwest United States – what else will go wrong next?

When I originally pointed to the month of September as a critical time, I had no idea that we would see so many catastrophic natural disasters during this time frame as well. Hurricane Harvey just broke the all-time record for rainfall in the continental United States, Hurricane Irma is so immensely powerful that it has been called “a lawnmower from the sky”, vast stretches of our country out west are literally being consumed by fire, and the magnitude-8.2 earthquake that just hit Mexico was completely unexpected. As I have stated so many times before, our planet is becoming increasingly unstable, but most people simply do not understand what is happening.

My good friend Zach Drew posted the best summary of the major disasters that we have been experiencing so far this month that I have seen anywhere…

California is on fire.

Oregon is on fire.

Washington is on fire.

British Columbia is on fire.

Alberta is on fire.

Montana is on fire.

Nova Scotia is on fire.

Greece is on fire.

Brazil is on fire.

Portugal is on fire.

Algeria is on fire.

Tunisia is on fire.

Greenland is on fire.

The Sakha Republic of Russia is on fire.

Siberia is on fire.

Texas is under water

India, Nepal, Pakistan, and Bangladesh, experience record monsoons and massive death toll.

Sierra Leone and Niger experience massive floods, mudslides, and deaths in the thousands.

Italy, France, Spain, Switzerland, Hungary, Poland, Romania, Bosnia, Croatia, and Serbia are crushed in the death grip of a triple digit heat wave, dubbed Lucifer.

Southern California continues to swelter under triple digit heat that shows no sign of letting up.

In usually chilly August, the city of San Francisco shatters all-time record at 106 degrees, while it reaches 115 degrees south of the city. Northern California continues to bake in the triple digits.

(()) Yellowstone volcano is hit with earthquake swarm of over 2,300 tremors since June, recording a 4.4 quake on June 15, 20017 and 3.3 shaker on August 21, 2017.

(()) 5.3 earthquake rumbles through Idaho

(()) Japan earthquake 6.1 possible tsunami.

(()) Mexico earthquake 8.2 imminent tsunami. Beach lines are receded atleast 50+ meters

Hurricanes Harvey, Irma (biggest ever recorded), Jose and Katia are barreling around the Atlantic with 8 more potentials forming

And last but not least an X10 C.M.E solar flare two nights ago. The highest recorded solar flare ever!

 

For much more from Zach, you can follow his work regularly at TruNews.com.

Some are describing what is happening to us as a “perfect storm”, and they are wondering if even more major disasters are coming in the very near future.

Let us hope not, because there is a tremendous amount of concern that we may not be able to pay for the disasters that have happened already. The following comes from Politico…

 

Harvey and Irma could be a breaking point. At $556 billion, the Houston metropolitan area’s economy is bigger than Sweden’s. New Jersey could easily fit inside the region’s sprawling footprint, where Harvey dumped 34 trillion gallons of water, as much as the three costliest floods in Texas history combined. The Harvey response alone eventually could double the $136 billion in government aid spent after Hurricane Katrina flooded New Orleans.

And as of Friday, an estimated $1.73 trillion worth of real estate was in the path of Irma’s hurricane-force winds, according to the University of Wisconsin’s Cooperative Institute for Meteorological Satellite Studies.

We won’t know the true extent of the damage that has been caused down in Florida for many days, but we do know that much of the state is already without power…

More than 3.3 million homes and businesses and counting have lost power in Florida as Hurricane Irma moves up the peninsula. The widespread outages stretch from the Florida Keys all the way into central Florida. Florida Power & Light, the state’s largest electric utility, said there were nearly 1 million customers without power in Miami-Dade County alone. The power outages are expected to increase as the storm edges further north. There are roughly 7 million residential customers in the state.

In the end, the federal government will likely step in and spend a lot of money that it does not have to rebuild and restore the communities that Hurricane Harvey and Hurricane Irma have destroyed.

But we are already 20 trillion dollars in debt, and it is being projected that we will continue to add another trillion dollars to that total every year for the foreseeable future.

At some point all of this debt will simply become completely unsustainable.

Of course the major disasters will just inevitably keep on coming. As Politico has pointed out, major natural disasters seem to just keep on getting bigger, and they seem to be hitting us more frequently than in the past…

The disasters are arriving with greater frequency. Counting Harvey, the U.S. this year has experienced 10 weather-related events each costing $1 billion or more. The country averaged fewer than six big-dollar storms, flood, fires and freezes a year between 1980 and 2016, according to the National Oceanic and Atmospheric Administration. Between 2012 and 2016, however, weather catastrophes occurred almost twice as often.

I know that I have been writing about these hurricanes a lot in recent weeks, and I promise to get back to focusing on the economy in the days to come.

But it is absolutely imperative that we all begin to understand that something has fundamentally changed. Our world has become much less stable, and “apocalyptic events” are starting to hit us one after another.

So will things start to calm down in the months ahead?

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The signs are ominous, the rhetoric constant. Whichever way you look at it, the world is slowly descending into an ever greater spiral of conflict. We all know that the current wars raging in the Middle East have the potential to go catastrophically wrong and pull the super-powers into something much bigger.

You also know things are not good when the so-called ‘conspiracy theories’ from alternative media outlets eventually goes mainstream, and there’s no shortage:

To confirm the state of the world today, the Global Peace Index states, and I quote – “There are now only ten countries in the world that are free from conflict”. 

The Independent has a 40 second video (HERE) of these ten countries, it’s worth watching, you’ll be surprised…

 

Some believe World War III has already started, most dispute that. It takes no more than a spark to light the fire and currently there are a lot of sparks flying around. Even political instability in the European Union as a result of a refugee crisis is a cause for concern. Pew Research, published just last month, confirmed that European’s fear a wave of refugees will mean more terrorism and fewer jobs. Violent protests have broken out, politician’s are worried. The VP of the International Relations Committee at Hungary’s parliament, Jobbik Member Marton Gyongyosi was supported by other EU leaders when he has suggested that “physical protection of our borders” is required. He went further –

 “The US caused this (refugee) problem in the neighborhood of Europe and then leans back criticizing European countries for not dealing with the problem efficiently.”

In that context, a few EU leaders are calling for an EU wide army and its own intelligence service. It seems America and therefore NATO are not as trusted as they once were. The US/EU trade deal TTIP, the largest deal in the history of humanity, is reported as being over. Is this evidence of the widening gap of disagreement, maybe.

The outcome is a changing political landscape. Before the European Union was created by the Maastricht Treaty on November 1st 1993 there were just 25 nationalist political parties. Since the birth of the formalised EU there has been a 150 per cent rise in political parties on the extremes of the political spectrum, now totalling 64. One of them was Ukip that focused on immigration and subsequently produced the ‘Brexit’ protest vote that now threatens to tear the EU project apart.

North Korea is a wild card scenario – anything could happen, but if South Korea was attacked, America would have no option but to step in. And what would China do – it’s anyone’s guess.

John Pilger's interview on Going Underground spells out the increasing risk of a global conflicthttps://www.youtube.com/watch?v=ahEdcuxlN1o

John Pilger’s interview on Going Underground spells out the increasing risk of a global conflict

Tension has substantially risen around the world over USA and Russia/China relations, the South China Sea, Ukraine and Crimea, multiple Mid-East conflicts, north Africa and South America. One should not forget currency wars, economic and political sanctions adding to the global strain. John Pilger’s interview on the Threat of World War Three leaves the viewer in no doubt as to where he lays blame, and if anyone knows about war, he should, he’s covered most of them since Vietnam.

Even basic resources are a cause for concern. Natural water for one, food scarcity, food security and environmental disasters all add to a backdrop where global terrorism is massively on the rise, global debt is now a third bigger than prior to 2007, mass protests due to political instability, such as South America (Brazil being a new hotspot) all adding to increasing tension.

The geo-political situation is now characterised by ever-increasing militarism across the world, bringing the prospect of another world war closer than at any time since 1939.

Scrutinising the underlying issues and causes for the devastating outbreak of World War I in 1914 which ended up killing 17 million, Leon Trotsky laid bare the startling similarities between the crisis of the world economy at the time and the turn to militarism. Historical records display a relevance for today that should serve as an advance warning of the horrors that extreme neoliberalism and globalisation offers up if we do not make efforts to pull back from the brink.

From WSWS  in an article entitled “Capitalist breakdown and the drive to war,” comparisons are made between the extreme economic conditions just prior to the first world war and today.

“The years leading up to the outbreak of World War I, like the period prior to 2008, were marked by stormy economic growth. But by 1913–14, the limits to that growth had been reached and the world economy experienced a fundamental shift. From the middle of the 1890s, Trotsky explained, the basic curve of capitalist development climbed steeply upwards. But this very upswing created the conditions for a breakdown. “In 1914,” Trotsky wrote, “a crisis broke out which marked not merely a periodic oscillation, but the beginning of an epoch of prolonged economic stagnation. The imperialist war was an attempt to break out of the impasse.” Further economic development at the pace of the previous period was “extremely difficult,” as the bourgeoisie “flinched against the limits of the market.” “This created class tensions, made worse by politics, and this led it to war in August 1914.”

Corrupt bankers represent a threat not only to those they directly rip off but also potentially the entire global financial system, the Governor of the Bank of England has warned.

Corrupt bankers represent a threat not only to those they directly rip off but also potentially the entire global financial system, the Governor of the Bank of England has warned.

The parallels are striking, particularly as the financial crisis forced upon us in 2007/8 by an out of control banking system, that benefited a tiny elite, caused wave after wave of economic turbulence, austerity and the dismantling of the social democratic movement that itself was born from the wreckage of World War Two. Peoples across the world are getting angry as inequality worsens.

Mark Carney has written a very strongly worded letter, in his capacity as chair of the Financial Stability Board (FSB) to a global forum of national regulators, financial ministries and central banks – to the G20, which is currently meeting in China.

“The incidence of financial sector misconduct has risen to a level that has the potential to create systemic risks” he says. The message is quite clear. Carney believes there is another systemic crisis centred around financial markets. Even he believes and openly stated that corrupt bankers now represent a threat not only to those they directly rip off but also to the entire global financial system. Last year, just four of Britain’s banks were fined well over £50billion ($67bn) for their egregious acts of criminality. Prison beckoned for no-one, whilst poverty soared. Don’t forget the London riots. Spreading like wildfire, the resulting chaos generated looting, arson, and mass deployment of police and resulted in the death of five people. In just three days, a dozens towns and cities were no-go areas of violence, 3,443 crimes reported, over a thousand arrests – from an unrelated spark.

According to Jim Rickards, the CIA’s Asymmetric Warfare Advisor, the probability of a new global conflict is rising every day. In a startling interview from last year he reveals that all 16 U.S. Intelligence Agencies have begun to prepare for World War III. Richards is predicting the fall of the dollar with the result of “an extended period of global anarchy”.

In the meantime, Russia is preparing to be attacked by NATO and America. Global Research reports that “Colonel General Leonid Ivashov, President of the International Centre of Geopolitical Analysis explained in an interview to KP, that ‘if data on Russia-NATO power balance at the Western direction is analyzed, as well as military activity build-up rate at our borders, scale of combat equipment deployment, if the grade of Russia’s demonization is estimated, one can say that preparation to a real war is taking place, as such acts are usually undertaken at the forefront of a war.’

Russia, so threatened by the West, it is now building huge nuclear bunkers around Moscow to protect itself at a time when financial resources are at best ‘stretched’.

As TIME reports “The South China Sea has instantly become uncharted waters for the globe’s two most-powerful nations. The ruling from the Netherlands, while legally binding, has no mechanism for enforcement. That means negotiations will be required to ease the growing territorial tensions in and around the South China Sea. If talks don’t happen, or go nowhere—and China continues to refuse to back down—a military clash could occur.”

Dr.Paul Craig Roberts quite firmly believes a Third World War is currently being fought. How long before it moves into its hot stage he asks.

 “Washington is currently conducting economic and propaganda warfare against four members of the five bloc group of countries known as BRICS—Brazil, Russia, India, China, and South Africa. Brazil and South Africa are being destabilized with fabricated political scandals. Both countries are rife with Washington-financed politicians and Non-Governmental Organizations (NGOs). Washington concocts a scandal, sends its political agents into action demanding action against the government and its NGOs into the streets in protests.”

We have already seen what the New World Order has done with Islam. As Pope Francis says, they have used it to foment a crisis, a clash of civilisations

“We have already seen what the New World Order has done with Islam” As Pope Francis says, “they have used it to foment a crisis, a clash of civilisations”

Even The Pope believes the start of World War Three is underway – ““To be clear, when I speak about war, I speak about real war. Not a war of religion. There is a war of interests. There is a war for money. There is a war for natural resources. There is a war for domination of peoples” Pope Francis said, alluding to globalisation and the goals of the so-called New World Order of complete and total control over every human being on the planet.

Already, the world has more displaced people than at any time during the course of either World War One or Two. The fight for resources as a direct result of globalism now threatens peace on every continent in the world.

The Doomsday Clock is an internationally recognised design that conveys how close we are to destroying our civilisation with dangerous technologies of our own making, nuclear weaponry by far our most dangerous experiment, makes the clock tick each year. It puts the current time of war at 23.57 – just 120 seconds left.

The current position of the Doomsday Clock is the closest it has been since 1984 and is actually a few clicks closer to reaching a global extinction event for humans than in 1962 when the Cuban missile crisis had twitchy American and Russian fingers on red buttons. What a cataclysmic ending for humanity, bombed back into the stone age. For what?

“Britain Votes Merkel Out Of Office, Too” is the astonishing headline from Germany’s 3rd largest newspaper Die Welt. Pinning the blame for The Brits’ vote, the op-ed lambasts The EU’s political failure, “The British do not leave the EU as narrow-minded snobs that had not meant it to happen that way, but as proud democrats that no longer wanted to put up with the snags and political failures of the EU;” and puts the blame squarely on the sagging shoulders of Angela Merkel (and her solo attempts at refugee policy)… “voters in Britain basically also voted Angela Merkel out of office. Before she becomes the EU’s gravedigger for good, she should follow David Cameron’s example.”

Via Die Welt,

Britain leaves the EU because a majority no longer wants to tolerate the union’s political failure. One key factor contributing to that is the German chancellor’s solo attempts in the refugee policy.

The exit of the British marks the beginning of a new era, perhaps less so for Britain, which never really felt at home in the EU, rather than for the rest of Europe. Eventually, citizens between Scotland and the White Cliffs of Dover did not only vote David Cameron out of office, but also the hesitant and narrow-minded leaders in the EU whose arguments did not persuade a majority. Their policy of stubbornly sitting it all out has also failed.

What has until now been the biggest democratic field test on membership in what used to be an exclusive club called EU has demonstrated three things: first, despite undisputable merits, the EU in its current state is simply incapable of mustering majority support. As a result, second, the institutions simply cannot muddle along, out of touch with reality as they are, as they have done so far. And third, the current leaders have been unable to halt the obvious erosion of the biggest political project of the day. Structural problems and crises have apparently been too much for the professional troubleshooters in the compromise factory called EU.

 What the EU would actually need now is stringent reforms: tightening decision-making processes, simplifying the tangled institutions, ending the undemocratic procedures by strengthening the European Parliament, and, above all ending the selfish wheeling and dealing in the European capitals that, in most cases, leads to leaving Brussels holding the bag. Yet how is that supposed to be done? How can one calmly go about refurbishing a wrecked home that some of its residents have just left? And how does the administration in Brussels, involved as it will be over the next few months in customarily tedious and obscure exit negotiations, intend to prevent a domino effect?

The British do not leave the EU as narrow-minded snobs that had not meant it to happen that way, but as proud democrats that no longer wanted to put up with the snags and political failures of the EU. It was not them that divided the country into supporters and opponents, beneficiaries and losers, those preferring to live in the past and those looking ahead, nationalists and cosmopolitans. That was all the making of the EU itself. That same institution that accepted the Nobel Prize as a unique peace project has dramatically lost support by allowing chaos to reign over the euro and tolerating unregulated immigration far beyond Britain. Before the British said bye-bye, lots of other places were ablaze as well. The triumph of the neo-nationalists, Orban in Hungary and Kaczynski in Poland, as well as the advance of the leftwing populists of Syriza in Greece, the Five Stars in Italy, and Podemos in Spain have demonstrated how moribund Europe’s disagreeing union has long since become. The Brexit is not a dress rehearsal that, when failing, can still be salvaged with a few repairs by the actors involved.

If we are unlucky, the historic drama is already in its final act. On closer examination, the Brexit is just the logical consequence of the EU constitution that failed in referendums in the Netherlands and France in 2005 already. After that, the intricate institutions rumbled on more or less without control and leadership while policymakers ignored to cut the most ambiguous projects of state sovereignty — Schengen and the euro — down to size.

Europe has neglected its citizens — not the other way round. When those citizens can watch the EU, the spin-off and replacement of the traditional nations, doing badly on a daily basis, its leaders should not be surprised when an increasing number of people prefer the somehow functioning original to the shaky innovation. This is the real reason, rather than stupidity and backwardness, that made nationalism, already on the way out, fashionable again in the middle of Europe. The narrow outcome, which would have been impossible one year ago, also shows clearly that Angela Merkel’s laissez-faire in the refugee crisis has ruined David Cameron’s political career — and estranged Britain from the EU for good. It was the pictures of the Balkans and the excesses of Cologne, which UKIP [United Kingdom Independence Party] leader Farage loved to refer to with relish, that decided the Brexit.

There are a number of precedents. For some 10 years or so, the EU has no longer been working properly, because it has bound together countries economically and politically that are simply not suited to one another. The fabulous career of Alexis Tsipras from Trotskyite nutcase to prime minister of a bankrupt euro-zone country is due to the failure of the single currency in Greece. Austrian Chancellor Werner Faymann was the first, but not the last, head of government falling victim to the refugee crisis. France, Europe’s central nation, has been governed for months in a state of national emergency because Islamist bombers were able to also cross the open borders in the Balkans and attack the core of Europe’s liberal way of life. There is quite a lot that would allow the situation to be described as a multiple systemic crisis.

Is it a surprise then, when in view of such failure individual EU member states delegate responsibility for their immigration policy to tiny Macedonia and close the Schengen borders at will? Is it a surprise when a whole generation of hopeful young people in Southern Europe have given up on the EU, when the resolution of the euro crisis is deferred again and again for the sole benefit of the banks — in contravention of all European rules? Grit your teeth and get over with it has long since ceased to be an option, because that stupid tactic has helped the EU go to the wall in Britain.

At the moment, and that says it all, the European Union is only popular and highly regarded in the countries in Eastern Europe. Where people are in fear of Putin’s expansionist policy such as in the Baltic states, where billions from Brussels are pumped into infrastructure and agriculture such as in Poland, or where the domestic political elite is much more corrupt and undemocratic than in the EU such as in Romania or Bulgaria — there, and unfortunately only there, people are eager to join the rundown golf club.

Yet a European Union that will routinely hold membership negotiations with Kosovo, Albania, or semi-dictatorship Turkey will only stagger into collapse. Citizens will simply not play along. And the next referendums could be on the doorstep in core Europe, with neo-nationalists such as Geert Wilders in the Netherlands and Marine Le Pen in France loudly demanding to let their people democratically vote on membership in the EU. When the benefits of a deal called EU are not eventually felt in the minds and pocketbooks of all citizens, it is unmarketable as a model for the future.

At the moment, the most powerful European, Commission President Jean-Claude Juncker, tries his hand at being crisis manager of the sorrowful countenance. As Luxembourg’s prime minister, he has been diligently involved in dismantling the EU with elaborate tax tricks at the expense of the neighbours. It is an irony of history that Cameron, a democrat, steps down while bureaucrat Juncker could be allowed to slouch over his desk and even lead the humiliating exit talks. If the EU eventually wants to present itself as a democracy, the European Parliament must remove Juncker. Tightening and resuscitating the entire project must be in the hands of younger, changed leaders. If not now, when?

 The European disaster in Britain, which – notwithstanding its bitter aftertaste – is a feast day of popular sovereignty, also puts a woman at the centre that has been highly praised by the media and the elites and that many already regarded as Europe’s unofficial chancellor. Angela Merkel, together with her finance minister, made the euro crisis in Greece a matter for Berlin to settle. By making the breach of the rules — the financing of governments — a permanent state of affairs, she bought time and damaged the sensitive European currency project for good without structurally resolving the malaise in the Mediterranean countries. And when Angela Merkel opened the borders in the migration crisis entirely on her own only to negotiate a dubious deal with Turkish ruler Erdogan also on her own, she demonstrated to citizens what she thinks of the EU and its institutions: very, very little. For the head of a party in charge of the European legacy of Konrad Adenauer and Helmut Kohl, this is a confession of political bankruptcy. On Thursday [23 June], voters in Britain basically also voted Angela Merkel out of office. Before she becomes the EU’s gravedigger for good, she should follow David Cameron’s example.

 

Protectionists are on the cusp of a “Pyrrhic victory” over China.

No one will like the results when it happens.

A huge global trade war is on the horizon, regardless of whether Hillary or Trump wins the election.

The die is cast: US Steel Given Green Light to Seek China Import Ban.

The US has given the go-ahead for the country’s largest steel producer to seek a ban on imports from Chinese rivals, in the first known case in which trade sanctions could be used in retaliation for alleged China government-backed hacking of commercial secrets.

 

In a decision last week the US International Trade Commission gave the go-ahead for the case to proceed, setting the stage for a legal battle that experts say will probably take more than a year for an administrative judge to decide.

 

This timeframe could lead to a decision related to arguably the US’s most important commercial relationship early in the next president’s first term. Under the law, US presidents are given 60 days to block ITC decisions on Section 337 cases, although according to the ITC “such disapprovals are rare”.

 

“We strongly believe that Chinese steel producers have engaged in illegal unfair methods of competition, which have created a force with which no market economy can compete,” Mario Longhi, the company’s president and CEO, said in a statement welcoming the ITC decision. “We remain confident that the evidence will prove the Chinese steel producers engaged in collusion, theft and fraud and we will aggressively seek to stop those responsible for these illegal trade actions.”

 

Trade experts say that the case also represents the potential escalation of what has been a creeping protectionism in recent years with steel a growing target of anti-dumping cases.

 

But a wholesale ban on US imports of Chinese steel would be materially different and could set a protectionist tone for the next US presidency, said Simon Evenett, a professor of international trade at the University of St Gallen in Switzerland, who oversees the Global Trade Alert, a monitoring service for protectionist measures.

 

“The big thing is really the potential scale of this case versus the pin pricks that we have seen unleashed over the past nine months,” Mr Evenett said.

 

“This should be setting off alarm bells,” he said. “It is really a nuclear option.”

Nuclear Option

US Steel

Stacked Deck

A total ban would indeed be a nuclear option. Trump would embrace it. Hillary would support it.

The US even greased the wheels in advance. On May 30, the US refused to accept the reappointment of a South Korean judge who the US fears may rule in favor of China in trade disputes.

I wrote about greased wheels in Stacked Deck: US Bullies WTO, TPP Revisited.

European Trade Mess

The EU is still coming to grips with inane sanctions on Russia that did more harm to the EU than Russia. Austria, France, Italy, Hungary, Greece, and Portugal have had enough of sanctions that have backfired due to a collapse in exports.

For details, please see Merkel Ready to Kiss and Make Up with Putin?

Stunning Idiocy

Also see Pater Tenebrarum’s exceptional post on the Stunning Idiocy of Steel Tariffs.

Candlemakers Petition

The statement by Mario Longhi, US Steel CEO “We strongly believe that Chinese steel producers have engaged in illegal unfair methods of competition, which have created a force with which no market economy can compete,” is nothing but a self-serving lie for the benefit of US Steel and the detriment of everyone else, especially consumers and the US auto industry.

If China is “dumping” steel at cheap prices we should be thankful. Free steel would be even better. Everyone’s standard of living would immediately rise.

Trade protectionists are just like candle makers bitching and moaning about free energy from the sun.

The Candlemakers’ petition is a well-known satire of protectionism written and published in 1845 by the French economist Frédéric Bastiat as part of his Economic Sophisms. In the Candlemakers’ petition, the candlemakers and industrialists from other parts of the lighting industry petition the Chamber of Deputies of the French July Monarchy (1830–1848) to protect their trade from the unfair competition of a foreign power: the Sun.

The entire debate over “fair trade” is intellectually dishonest. Fair trade is free trade. Period.

Election Campaign Flashback

In 2011, the US put huge tariffs on Chinese-made tires (to the detriment of consumers and the auto industry). China responded with anti-dumping tariffs on GM.

I wrote about that in Proposal to Stop “Free Sunlight” Gains Support From Mitt Romney.

Here we go again, this time with Donald Trump, Hillary Clinton, and President Obama all waving protectionist flags.

Should the US carry through with the plan, expect a “Pyrrhic victory” over China.