Why populist uprisings could end a half-century of greater economic ties

Washington Post ^ | April 18, 2016 | Ylan Q. Mui

[TroutStalker]

The world economy is nearing what international policymakers fear could be a dangerous turning point, as populist uprisings in the United States and Europe threaten to unravel decades-old alliances that have fostered free trade and deepened economic ties.

The tension has reached boiling point in Britain, which in two months will vote on whether to leave the European Union. The International Monetary Fund, warned that a so-called Brexit is a “real possibility,” one that could usher in a new era of uncertainty and undermine the already fragile global recovery.

But the unrest is not limited to the United Kingdom. Anti-EU parties are gaining steam across the continent, particularly in France and Germany, while U.S. presidential candidates Donald Trump and Bernie Sanders are railing against America’s signature trade deals. Fueling the furor are blue-collar workers on both sides of the Atlantic who feel left behind by international competition. Their frustration has given rise to political movements condemning the principles of globalization -- free trade and open borders -- that have been heralded as pathways to prosperity since the end of World War II.

“Trying to go back in time, trying to safeguard the achievements of the past will backfire. Because we cannot do that,” said Hans Timmer, the World Bank’s chief economist for Europe and Central Asia. “If countries step away from globalization, we will see a very negative economic backlash.”

At a minimum, disentangling long-standing economic relationships is almost certain to be messy: Ending Britain’s 43-year membership in the EU would trigger renegotiation of trade, financial and social welfare agreements with the rest of Europe. The mere prospect of Brexit sent the pound plunging to lowest levels in seven years. Recent polls show residents roughly split over the decision, with a sizeable faction still undecided.

[vpintheak]

Bankers and “world leaders” want to continue the path towards socialism. Who’d a thunk it!?
Of course they would be the potters and us, the clay.

[Rashputin]

Socialism is how they sell what they want to Europeans, it's not their end game any more than what they sell here as Capitalism is what they want.

There goal is a clear class of Nobles that can dictate to the mass of poor who are little more than serfs. The only system big money ever loved and ever will love is exactly the same system that ran Rome prior to Caesar becoming the first Emperor.

Senator equivalents trade the top slots among themselves, all money flows through their hands one way or another, and the masses live hand to mouth at best.

[Sirius Lee]

“Trying to go back in time, trying to safeguard the achievements of the past will backfire. Because we cannot do that,” said Hans Timmer, the World Bank’s chief economist for Europe and Central Asia. “If countries step away from globalization, we will see a very negative economic backlash.”

No. That is not the case at all. Nations that free themselves from the shackles of the global fascist cabal will thrive. Timmer's gratuitous assertion gratuitously debunked.

[LS]

Greater for who? Akron? Detroit? St. Louis? Dayton?

[Pietro]

So the globalist warn that anti-globalism is bad?

Who saw that coming?

[Old Teufel Hunden]

"The problem is that trade creates winners and losers. And we haven’t figured out how to adequately take care of the losers."

The money line...