The more the world moves leftward, the more the economic outlook is darkening. Globalism is on the move, and all of them are on board except for President Trump. Global leftism, however, has created a challenging economic condition in the world. The realization of economic difficulties on the horizon will be the focus of this year’s G-20 meeting.
The G-20 Meeting is the gathering of the leaders of the countries with the largest economies. This year’s global meeting began today, in Buenos Aires.
South America’s economies are creating violent reactions as the global economic game is losing ground, and growth is nearly gone. The trade issues around the world, especially Trump’s manhandling of China, will likely be discussed as well, along with Brexit.
In fact, the only place in the world where growth is booming in the United States.
The global depression being predicted by economists, however, has the leftists of the world once again embracing a Keynesian exit from it, which, as it did in the 1930s and 1940s, which in the end will, if you understand economics, expand and lengthen the time period the world suffers under such a retraction.
The G-20 leaders believe they need to act swiftly to prevent an economic crisis, as warns Christine Lagarde, International Monetary Fund chief. But, their fix is based on the idea of bailouts, and borrowing more money in a hope they can prime the pump of the economy.
Legarde recently wrote, “We have had a good stretch of solid growth by historical standards, but now we are facing a period where significant risks are materializing and darker clouds are looming.”
Reduce taxes, reduce regulations, and embrace a policy of reducing government interference so that the market may takes its own course is what they should do. That’s what Trump and the Republicans did in the U.S.
The global socialists wouldn’t understand that truth if it smacked them in the face.
G-20 members represent 85 percent of the global gross domestic product, two-thirds of the world’s population, and 75 percent of international trade.
It has been a difficult year for the host country Argentina, as it has been plagued by economic problems recently. The country has been preparing for this summit for almost two years. And Argentine President Mauricio Macri, the president of the summit, would like to play a personal role in ending the trade conflict between the United States and China.
“[It’s] not clear [whether] he’s going to be able to insert himself in that, but he very much would like to play that role,” said Michael Matera, director and senior fellow of the Americas program at the Center for Strategic and International Studies.
The U.S. being criticized for challenging China is rich, isn’t it? Unfair policies against the United States are being ironed out and straightened out so that they are more fair, and we are being criticized for that? None of these other countries would be willing to enter trade agreements with such disadvantages against them. Why should we?
That said, manufacturing in the U.S. is increasing, and in a supply-side scenario, that is exactly what we need.
Before his departure for the G-20 summit, Trump said that his administration was very close to doing a deal with China.
“I think China wants to make a deal. I’m open to making a deal. But, frankly, I like the deal we have right now,” Trump said, adding that the United States has been benefiting from the “billions and billions of dollars” that is coming in the form of tariffs or taxes.
“I don’t know that I want to do it.”
Trump’s remarks were seen as a continuation of his administration’s tougher tone against China recently. The White House signaled earlier that if no deal was reached at the summit, new tariffs and measures against Beijing would kick in.