But the more general issue is – I think there’s a high consensus – over the last several years, something that was basically unprecedented, which is the multilateral trading regime, when that comes into question, for many businesses it’s really hard to make serious investment decisions.
As Don Kohn recently noted, “We have been in uncharted waters with unreliable anchors.” 23 The downward march of the dots shows that policymakers have been learning, and our understanding of the economy has been evolving, as we navigate the treacherous shoals of the post-crisis economy.