All the fools who voted for Brexit and Trump may also have to live with the consequences of diminished world trade. It is one thing to claim that trade is bad; it is another to actually attempt to dramatically restrict or curtail it. We’ve been living with trade tailwinds for the last couple decades. Now we may get to experience the opposite.

In the meantime, the dollar and peso are both plunging, as are stocks. Trade is an incredible net good and yet both major political parties in the U.S. are rhetorically fleeing from it. So far it is rhetoric, anyway, but soon it may be policy.

Recession in 3…, 2…, 1…

Someone on Twitter observed that the best-case Trump scenario is that he’s too lazy, uninterested, or incompetent to do much in the next four years. Let us hope. Still, overall this is one of those scenarios in which we collectively deserve what we get.