Global Trade War Baked in the Cake: Boeing Faces China's Wrath

``I have been warning about the increasing likelihood of a serious global trade war for quite some time. That warning is now my baseline scenario. Unless there is an immediate deescalation of rhetoric and a return to rational thinking, a very destructive global trade war is baked in the cake.'' -- A discussion of the interplay of monetary imbalance on trade is absent from Mish's defense of free trade, but the points are worth considering.