Daily Note – They are people, like you & me

They're peopleSummary:

Immigration the only issue, everywhere

China cuts rates to boost growth

United States: Core CPI begins to firm, a bit

The Week Ahead: European data to the fore

Good morning,

Nothing underscores our unequal world as the news overnight of the 800 poor souls who drowned off the coast of Italy last night. Check out the photo above. This is what immigration looks like. Immigration is the big issue of our times. It is the issue. For Europe, it has the potential to drive people towards parties that want to throw up the barriers. This is playing out with UKip in the UK and is the National Front’s main platform in France.

If Africa can’t provide a decent livelihood for its people, the future of the EU economy will be blighted by recurring bouts of political instability over immigration.

At the root of the immigration issue is inequality and as immigration threatens those with the least in our societies, who is to blame them voting for parties that claim they will protect them against the hordes?

The movement of people is not just a European and African issue; the movement of people dominates Chinese politburo thinking. If the Chinese economy doesn’t provide jobs for the millions of people who move each year from agricultural western China to industrial eastern China, political insurrection can never be far away.

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Global Macro-Daily Note 20th April 2015

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