David A. Rosenberg - "Hope & Faith"

And my biggest worry is that Donald Trump is fighting yesterday's war since it is not at all clear that America is losing share in global manufacturing any longer. A trade war with China is really the last thing the global economy needs.

But the problem (and t his is where Bernie Sanders' success comes into play) is how the gains frorn this productivity growth are shared - not just capital versus labour but also within the income cohorts of labour.

So the problem has been, and remains, how inadequate government policy has been in general to smooth the transition -- especially for the disenfranchised and those without the skill sets needed to fill the record number of job openings in this accelerating age of technological change.

Pointing the finger at globalization carries the risks of making a very critical policy mistake.

Yet, if Donald Trump doesn't carry out his protectionist threats, he risks being a one-term president given how he scraped by in those states who have been led to believe that we are just a few tariffs and a few watered down trade deals away from recreating those previously lost jobs - jobs that have primarily been lost through productivity.