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Krugman, Summers Warn of Disruptive Threats to Global Growth
Paul Krugman and Lawrence Summers are casting gloom on the global economy. Krugman, the Nobel Prize-winning economist, warned of market complacency as Donald Trump and Xi Jinping ratchet up a tit-for-tat trade war between the world’s two largest economies. Former U.S. Treasury Secretary Summers said developed nations are ill-equipped for another recession. "I’ve been amazed at the complacency of markets as Trump marches off to trade war," Krugman wrote on Twitter. "We don’t know that he’ll go all the way, and break up the global economy. But surely there’s a substantial chance. 50%? 30%?" The ... (full story)