The worries of you and me cause us to despair once in a while. And see a path of decline and loss of wealth. These worries are not lost on the U.S. Federal Reserve Bank. It is just that they see these things as part of a much broader and slowly changing event. But the same things are seen. And as long as these things are seen, however defined, they represent a loss of wealth. And it seems to this observer that the Central Banks of the World are sure that they can control the wealth creation of the world, and that they will not accept defeat. It is a game of macro-politico-economists now. The world is interconnected and the Central Banks are interconnected, and as long as nationalist politics prevails they will try to outdo each other to win the game for the home team.
This causes me to doubt the wisdom of protectionist sentiment. However patriotic it may be. If we are a free economic zone (the world) we will destroy ourselves with economic war if we compete as nations. But if we abandon our nationalism we seem to be at a disadvantage in the world. At least in the short term, and if all participants play fair....