JM Ashby
Written by JM Ashby

(Cartoonist - Nick Anderson)

In other news, the International Monetary Fund (IMF) has reduced its forecast for global growth in 2019, again, and they say their forecast for 2020 could be downgraded if Trump's trade wars continue.

Meanwhile, Britain’s new Prime Minister Boris Johnson says Britain will leave the EU no matter what on October 31st. He also says he'll get "new deal, a better deal" than former PM Theresa May did even though the EU has already said there won't be a new deal.

Finally, executives from UPS say that even though the company posted better than expected results from the second quarter, it's mostly because business is growing where neither Trump's trade wars or the Brexit is threatening business.

"I recently met with top trade officials from the U.S. and from China. And while I’m encouraged by the commitment of the negotiating teams we need to see more measurable progress towards a comprehensive agreement. At the moment, the global business community is facing prolonged trade uncertainty in Europe and elsewhere and forecasts are softening" [UBS Chief Executive David Abney] said.

Abney’s comments, made in the post-earnings conference call with analysts, come as the White House said U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will travel to China to resume trade talks next week, with the delegation from China led by Vice Premier Liu He.

Despite the scheduled talks, UPS Chief Financial Officer Richard Peretz said trade headwinds are “growing” at a time that global industrial production is slowing. World exports are now forecast to grow at a slower pace than global gross domestic product, he noted.

For UPS, Peretz said Asia exports are growing to virtually all regions of the world, except the U.S. Meanwhile, U.K. exports and imports continue to be down on a year-over-year basis, driven by uncertainty around Brexit. However, UPS is growing exports within the European continent.

Sometimes I think Vladimir Putin got far more than he ever hoped for when he supported Trump and the Brexit campaign.

  • Sometimes I think Vladimir Putin got far more than he ever hoped for when he supported Trump and the Brexit campaign.

    Just “sometimes”? He’s basically torn apart the alliance between Western countries–the ONLY force holding Russia and China back from becoming the premier influence on the developing nations of the world. Even if we win the WH and the Senate and the next Admin spends the next 8 years undoing the damage Trumpov and Co have done, I think the West is screwed.

    I’ve been saying it for years. We are watching the sun set on Western culture and I don’t mean this in a white nationalistic way. I just think the future will not be primarily shaped by the US, England and Northern Europe. There’s no value judgement in my assessment. I started writing a novel about 5 years ago (yes, slow progress) set in about 1,000 years in the future and what few humans still exist speak some combination of Chinese, Spanish, Russian, Hindi and Urdu with only some technology and business related words in English.

    And yes, I’ve been feeling very cynical about everything for quite some time. Why do you ask? 🙂

    • Sounds more like prophesy than fiction, sadly. 🙁

  • Draxiar

    I don’t much about EU economics but I’m pretty sure that the EU doesn’t need the UK as much as the UK needs the EU. Boris is not operating from a position of power.

    • He cares just as little as Trump does. Both of them are nothing but bullies who get their own way by throwing their considerable weight around. But also, Boris doesn’t want to stay in the EU, so he’s perfectly happy to crash out without a deal – that way he can do whatever he wants without anyone reining him in.

      • From what I’ve heard, and maybe you can confirm or deny this, but Boris(h) (trademark!) is from a class of folks who won’t suffer no matter what goes on in the UK. He’s rich enough and connected enough that he doesn’t care what happens to the average citizen.

        • You’re right. He’s one of the people who came from money and will always have both money and connections. It’s awful.

  • Nefercat

    he’ll get “new deal, a better deal” … even though the EU has already said there won’t be a new deal.

    Gee, when have we heard some braying, blustering ball of hair that thinks he’s Mister Real Man of Genius (TM) blather on like this before?

    I don’t know if it is comforting or deeply disturbing or both to know that Britain is apparently as chock full of morons as the US.

    • It’s scary over here right now. The problem is that in the UK the PM has a lot more power than the US President does. So unless the party pulls a no-confidence vote, they have to do what he says.

      • Nefercat


      • I honestly don’t know what’s worse…that the Brits have to decide on an all or nothing thing with their PM (the no-confidence vote or do everything he says) or us that has a bunch of nincompoops in control (aka, the GOP) willingly doing everything the Pres wants. Then again, is there really any difference? It’s like sticks burning in a fire are complaining that the bacon in the frying pan has it better.

        • I like that description. And the US (up to Reagan) did have two parties that might have disagreed about what should be done, but at least they tried to work out a compromise, and did their duty to the citizens. Reagan and his lot put paid to the parties in the US ever working together, as Maggie T did over here.