The whole debt binge that is the G7 is doing the exact same thing, and getting the exact same results.
Debt is the problem. Too many people living beyond their means. A billion Chinese now want to live beyond their means "like everyone else", and the G7 is saying "no, only we get to do that".
Mish has a wicked case of Trump Derangement Syndrome. He used to look at the big picture macro economic trends -- the ones that are happening throughout the G7. Now he seems content to whine about Trump. I know Mish is smarter than that, but here we get yet another post about Trump Trump Trump... and he doesn't connect the dots on the bigger picture.
The G7 has been over-promising for decades. That was already a problem before Trump threw his hat in the ring, and it will be a problem long after he leaves office in 2024 -- even if one hates Trump, none of the 20+ clowns currently in the Dem primary are even connected to reality. Saying Trump is a shoe in 2020 is not a compliment to Trump, its a recognition that Dems are so far off the rails that Al Sharpton was trying to talk some sense into them -- and Sharpton is a low life street hustler.
Too much debt. Too many empty promises that cannot be kept. True in Italy, where political outsiders agreed on little except that Brussels has to go. True in Germany where voters got tired of Merkel screwing Germany to help Brussels. True in England where they voted to Brexit. True in France where yellow vests continue to protest in spite of how much Macron loves Brussels. That's four for four EU anchor economies... Japan's useless politic has been pushing QE/ZIRP for 30 years. Japan has no solution. And neither does ECB or Fed.
And then there is the mess of Canada. They signed the Kyoto accord and then changed their minds when they realized how much their "free" healthcare depends on crude oil and nat gas royalties. And now the native Canadians (whatever native American / indians are called when their reservation is in Canada?) have decided they won't let Quebec have all the royalties. Will Canada double taxes and keep spewing carbon? Will Canada stop oil production and quintuple taxes (HA HA HA!!)? Or will Canada terminate their "free" health system for the little people? Canadian politicians go south to the USA for immediate care, they don't wait in line like common citizenry.
Too much debt. Too many promises. Too much government corruption. Its the same problem all over the G7. And now... too many self proclaimed "intelligentsia" so clinically obsessed with Trump that they can't think straight.