Trump shares some of the blame. He wanted to get out years ago, but never had the courage to stand up to the incompetent generals and “experts” he foolishly hired to advise him.
Central banks are faced with the devil’s alternative created by their own policy. Either let inflation run and create a stagflation problem or scare the markets by tapering.
China is a rapidly aging, inefficient, conflict-ridden, and relatively poor country that simply is not on the road to seriously challenging the US’s hegemony.
