While China’s president Xi was busy dancing on the grave of TPP and rolling out its own regional free-trade alternativeduring the APEC summit in Peru, Obama was just as busy defending his vanishing legacy to an international audience for the last time. He was even busier projecting his denial before the entire world. As AFP reports, after the APEC summit closed on Sunday, Obama insisted that the 12-nation trans-Pacific deal, a key part of his now failed “pivot” to Asia, was far from dead and those involved still wanted to move forward with the United States.
Actually, no, it’s dead, but what is very much alive was Obama’s sudden realization that the policies he had been pushing for 8 years have led to a “globallized” world that has never been more splintered and where the wealth trickled-up, crushing the middle class just as the “fringe blogs” warned would happen:
The president also sought to answer rising concerns about globalization, saying that “historic gains in prosperity” had not been evenly distributed and there was a growing gap between rich and poor.
“That can reverberate through our politics,” he said. “That’s why I firmly believe one of our greatest challenges in the years ahead across our nations and within them will be to make sure that the benefits of the global economy are shared by more people.”
No Barack, it will not be your challenge. You are now out, leaving behind just a fake – and fading – facade of a recovery narrative built upon $15 trillion in global central bank liquidity, meant to prop up stock markets to all time highs even as a violent protest movement against your policies resulted in the biggest political shock of a generation… that and an all too real $20 trillion in government debt.
This post was published at Zero Hedge on Nov 20, 2016.