Greek students are in revolt as conditions deteriorate in Greece.
A recent visitor to Moscow told me there is growing discontent with Putin's policies.
"If we are not able to do that, then social unrest may happen in many countries, including advanced economies. We are facing an unprecedented decline in output. All around the planet, the people have reacted with feelings going from surprise to anger, and from anger to fear," the head of the IMF said.
Protectionism sentiment is growing. Russia has begun to shut down trade as it adjusts to the shock of Urals oil below $40 a barrel. It has imposed import tariffs of 30pc on cars, 15pc on farm kit, and 95pc on poultry (above quota levels). "It is possible during the financial crisis to support domestic producers by raising customs duties," said Premier Vladimir Putin.
Russia is not alone. India and Vietnam have imposed steel tariffs. Indonesia is resorting to special "licences" to choke off imports.
The omens are not good in China either. Taxis are being bugged by state police. The great unknown is how Beijing will respond as its state-directed export strategy hits a brick wall, leaving exposed a vast eyesore of concrete and excess plant.
Last, but certainly not least. I was shopping for books in Rome and I was surprised to see so many books about Mussolini. Why? Because Italian bureaucracy is taking advantage of the masses and the masses are growing unhappy. They need strong leadership.
Bottom line.The problem with what is going on in the world is that people will eventually revolt against the entrenched incompetent leadership and ask for a strong hand. This is what our leaders should worry about and why they should do everything they can to get the economy going.
The problem is that government power in the US will grow at an unprecedented pace. This is one more reason for discontent. People do terrible things when they smell failure and incompetence in their leaders! History is full of examples.
More, much more when you read older posts and subscribe to The Peter Dag Portfolio by going to https://www.peterdag.com/.
George Dagnino, PhD
Editor, The Peter Dag Portfolio
Since 1977
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