USTBill Rejection at Ports in Progress
By: Jim Willie CB
GoldSeek.com
Friday, 14 October 2016
World trade has fallen for the second quarter in a row. The decade of stagnation of industrial production in the United States, Japan, and European Union can be blamed on financial engineering, housing bubbles, war, and recently on destructive monetary policy in QE bond purchase program. It is not stimulus, but rather a destroyer of capital. The West contains several nations with heavy industrial emphasis, hardly advanced economies anymore. They risk a fall into the Third World from a generation of outsourcing, asset bubbles, and financial fraud, as soon as the new currency regime is installed as part of the financial RESET.
The CPB Netherlands Bureau for Economic Policy Analysis, a division of the Ministry of Economic Affairs, just released its preliminary data of its Merchandise World Trade Monitor. Trade volumes rose 0.7% in June sequentially, after falling 0.5% in May. Trade was flat year-over-year, but below the volumes of December 2014. On a quarterly basis, world trade fell 0.8%, contracting for the second quarter in a row. Without a doubt the global economy is stuck in a powerful recession. No positive constructive remedies or proper reform policy have been put in place since the Lehman failure. Exactly none. To be sure, none have even been attempted.
Worse, the CPB recently adjusted its world trade data downward, going back several years. The newly updated data depicts a post-Financial Crisis recovery of global trade which is considerably weaker than their original data had indicated. These downward adjustments of 2% to 3% came in a climate of stalled economic growth, according to the IMF. Much of the Western national data is rubbish, forced positive by the common NeoCon fascist dictum. The chart of the CPB’s World Trade Monitor index shows the old data released as of July 2015 (blue line) and the newly adjusted data released (red line). Observe the horrendous 4.4% downard adjustment from the peak in global trade volumes in the original data for December 2014 and in the current data for June 2016. They confirm a broadbased global recession of about 1.0%, in full contradiction of the nonsensical constant Orwellian propaganda of sluggish recovery, spouted routinely in the drumbeat of mainstream news.
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