Analysts at Rabobank argued that what we saw at the G-7 is just a warm-up.
Key Quotes:
“The world order as we have long understood it is shifting under our feet, with enormous consequences that markets are not even beginning to price for in most cases, with the exception of GBP post-Brexit.”
“There is post G-7 talk of the G-6 pressing ahead ‘(neo)liberally’ without the US somehow, but when Germany and France can’t even decide what to do about Europe, and the UK can’t decide what to do with itself, any plans for a new global order without Washington’s backing –or without the soon-to-be-in-globally-short-supply USD?– are surely just a pipedream.”
“Meanwhile, as the G-7 was ending in calamity the global press completely overlooked that at the same time China, Russia, Iran, and a whole coterie of strongmen held a Shanghai Co-operation Organisation meeting marked by illiberal unity and discipline.”
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