Even now, as we speak, 153 august trade ministers from the nations of the World Trade Organization are gathered in Geneva to chant the ancient spells for warding off economic disaster. Beware of beggar thy neighbour (Woooo). Firmly resist protectionism in all its forms (Woooo). Canada's own Ed Fast will join a lively "anti-protectionism" news conference.

This is the time-honoured response to crises: hoary phrases meant to inject wisdom gained from earlier crises. It's the economic equivalent of fighting the last war to avoid thinking about the one now raging. No, wait: it's more like droning a few clichés about the last war to avoid thinking about it too.

Canadian free trade negotiators are going all-out to get a deal with the EU on a new free trade agreement. The Harper government wants a deal badly for largely symbolic and ideological purposes, to show that the free trade agenda is back on track under this "stable majority government." Many valid concerns have been raised about the implications of a deal on pharmaceutical costs, on public procurement, and more. What would a Canada-EU deal mean for the auto industry? Here are a few summary points:

- Canada's auto industry would be especially hard hit by a free trade deal with Europe.

- Europe sells billions of dollars of auto products in Canada, but buys virtually nothing back from the Canadian auto industry.

CBC National News reconvened their "Bottom Line" economics panel (including yours truly) last night to discuss the twin debt crises (Europe and America) that are currently roiling financial markets. Here's the link to the webcast for aficionados.