As the European Central Bank came under new leadership on November 1st when Christine Lagarde took over as President, the IMF wasted no time to issue a warning to all of Europe in regards to an economic slump. Interestingly enough, Lagarde was the Managing Director of the IMF. Many analysts are focused on the US-China trade truce, or better the first phase of it, which will do little to nothing to avert a pending global economic recession. Harvard Professor and former US Treasury Secretary Larry Summers added “I’m all for it. But I think we’ll be kidding ourselves if we thought we were one signing ceremony away from some kind of economic nirvana. There are deeper and larger issues that are holding back rapid global expansion.”