On a forum I visit, someone posted a graph of global trade in nominal terms and claimed it was irrefutable evidence that Obama has really turned the economy around.
The graph was provided without context, but a smart and skeptical poster tracked down the source data on global trade.
So anyway, I spent the last little while building up some line graphs out of the currency-adjusted trade volumes coming in and out of the United States from August 2005 to October 2009.
We are indeed, “off the bottom” in that our international economic activity is higher than its lowest post-bubble point. However, there is definitely no indication of a trend toward recovery and I’m pretty certain the momentum is pointing toward further declines and new lows.
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