global trade volume

9% drop in global trade - only this low when the entire world was at war

While the free trade religious agenda pundits scream from the roof top, oh that's protectionist and it is conveniently ignored that pouring trillions of U.S. taxpayer dollars to financial institutions is the ultimate protectionism, this little headline blips across the news aggregators:

WTO Sees 9% Drop in 2009 Global Trade Amid Recession :

Global trade will plunge 9 percent this year, the most since World War II, as the recession deepens, the World Trade Organization said.

“Economic contraction in most of the industrial world and steep export declines already posted in the early months of this year by most major economies -- particularly those in Asia -- make for an unusually bleak 2009 trade assessment,” the Geneva- based WTO said in its annual assessment of world trade.