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While the planet’s air, water and land are heating to dangerous levels because of human pollution, the world’s trade is cooling off, slowing down and coagulating in the deepening chill, threatening the well-being of every country and virtually every person. I remember very well in 2008 watching the most powerful members of Congress emerge from a come-to Jesus meeting conducted by the Treasury Secretary on what was about to happen to the world’s financial institutions and America’s economy. They had the pale faces and staring eyes of people who had just been introduced to the angel of death.
The world of trade and finance is confronting such a moment now, and is every bit as much in denial as it was in 2008. This time it’s not America’s Lehman Brothers tottering into an early grave and pulling half the world in with it; it’s Deutsche Bank. Continue reading