In Davos world leaders are lining up to criticize the US for leading the world into global recession. Frankly, they have a point. Yesterday it was the president of Malaysia, today is was China and Russia. Even Tony Blair spoke about the lack of morals in our current form of capitalism.
Add to that the displeasure in the EU with the “Buy American” provisions in the House version of the stimulus bill and the ugly face of protectionism is starting to be seen more clearly. International investing now has a new set of risks.
WSJ: As the global economy struggles with the steepest recession since World War II, business and political leaders gathered here warned that a rising wave of protectionism could make things even worse.