Last month when Citi Research forecast that a global recession is likely in coming years, Martin Wolf, the chief economic commentator of the Financial Times wrote tha the case was plausible. “This does not mean we must expect a recession. But people should see such a scenario as plausible.” On Tuesday Willem Buiter, Citi’s chief economist and a former professor at the London School of Economics and Political Science, teaching political economy, told a Milken Institute conference in London (see video below) that the global economy faces a period of below potential growth and declining trade next year as emerging nations struggle with tightening monetary policy.