Next week, concurrent with our policy meeting, the FOMC participants will release a new set of economic projections. Those could, of course, differ from the previous set of such projections in March.
Yet, I cannot agree with the conclusion that we should heavily limit or even withdraw from international trade and global cooperation. Why, you may ask. The answer is simple: Evolution. One of the key insights of the theory of evolution is "the survival of the fittest". Many people conclude from this that “competition” is what makes our species so successful.