Martin Wolf

I said, how often...

Is it that we've had a genuine recession, a decline in GDP?

Now, this isn't GDP per head.

There will be more often times when GDP per head shrank, but basically the world economy is unbelievably robust, and that's because lots of people are providing stuff people want

There are markets.

They produce for the markets.

They invest to produce for the markets.

Investment is very important as a driver of demand, as Cain said.

And so it takes something really enormous to stop it.

I went through the two oil shocks of the 70s.

I was already a working economist.

And they were big shocks.

And we got terrible inflation and all the rest of it.

Volcker came along, and yes, he did cause a recession in the US, but it wasn't global.

So I think we have to start off by saying the world economy is incredibly resilient.

The second thing is that, and that's why I use the full of sound and fury, if you look at the actual policies that we've ended up with...

They're sort of designed, I'm sure they're not intended, not really to hurt.

So the protection is very uneven.

This was part of, I wrote about this before Trump got into office.

And that creates the opportunity is designed in the system for trade diversion.