Men are equal before fish


In this issue we make the point, again, that international trade and globalization issues are primarily about politics not about economics

  • Despite its relative economic insignificance, the politics may make agreement on fishing rights a significant stumbling block to a UK-EU deal
  • Not that the fish care who it is destroying their populations and habitats. Men are equal before fish – as President Herbert Hoover put it
  • 66% of wealth managers believe that financial markets are now driven more by geopolitics than by economic fundamentals
  • The US-China Phase I trade deal has been signed. Most commentators see marginal economic significance but it provides a convenient political sticking plaster for both sides
  • Progressive decoupling of the US and Chinese economies remains on the cards
  • China will start respecting intellectual property rights when it’s in its own self interest to do so. That may no longer be too far away. But questions remain.
  • Europe is talking about data sovereignty. Industry sees it as unwelcome data fragmentation
  • France, defending its national identity, has required Netflix to spend 25% of its French revenues on producing Gallic content
  • A reminder: it would be a mistake with potentially tragic consequences if globalists were to continue to ignore the importance of national identity
  • Coronavirus. Viruses are true globalists – they know no borders, they do not discriminate by race, religion, gender or anything else. They comfortably infect citizens of everywhere.
  • An infection that has all the hallmarks of potentially unlimited globalization putting the human form of globalization into reverse. Ironic
  • One is forced to ask whether global interdependence has reached a stage where the economic system is now less resilient to such unpredictable events

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