The BIS has released a report warning that globalization, and trade in particular, should not be blamed for inequality. There is, of course, a good deal of irony in the “central banks of central banks” intervening in the issue of inequality, especially given how low interest rates and QE have boosted the prices of assets such as shares and property. But to its credit, the report makes the point of acknowledging that financial openness and trade can and does impact middle classes in the absence of what it describes (yet conveniently fails to define) as “adjustment.”

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