Leon, like it seems all commentators makes no consideration of how he
sees China and India's trade in a time of reducing growth to the
point where growth becomes contraction.
Likewise he does not consider the effect of higher and higher charges
for bunker oil on container shipping.
At present there are thousands of ships tied up in ports in Europe
and in Singapore Roads.
A very large number of these ships will never put to sea again.

The effect on international trade will be very significant as the wage
differential between China and India, and Europe and America gets eaten
away by increasing shipping costs. There could also be, if ETS schemes
become more widespread an entry emissions tax on imported goods from
countries not reducing their emissions.

No where does Leon take these factors into account. He is not alone
of course as even governments are frightened to discuss these matters.