It may already be too late to avoid the global recession, with dire consequences for Europe

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solthe risk of a lobal recession suddenly surpassed several notches.

The damage accumulated by Donald Trump's trade wars and the world monetary tightening is making its price felt. We are a shock away from a contraceptive vortex that would be extremely difficult to control.

In America, the indicators for immediate monitoring of the Federal Reserve's GDP growth have halved since the end of January. They are approaching the stall speed.

In China it is becoming clearer that the communist leadership can not or does not want to engineer another fast-paced credit boom to revive an economy that slips into structural stagnation. The stimulus is going through, but it's a pale image of past reflation cycles.

This is difficult to square with the blisters …

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