So, here we are - there is a slow moving new-world order to regionalism, but not chaos. China seems to defend its own region and managed to keep internal order. Growing slowly? Yep, if ~6-7% is the new slow.
India, same - it is actually has been growing, it is able to assert its own influence in the region.
PIGIS - they all growing faster than the core. Even Greece is growing as fast as Germany. Eastern Europe? Name one in recession?
The Scandies, including Norway = ah, my seven developed economy housing markets included Sweden and Norway - yes, they were falling, but the trend has changed - first stabilized and now growing.....
Europe may be old and dying (according to the narrative), but for now - still very much alive & kicking.
US, well - no need to write long essays about it - very much wants to keep its top-dog status in the world.
Mid-East, oh yes ...alliances are building & regionalism rules.
Now, my reading of the Fed remains - ill timed and poorly targeted fiscal spending necessitates short-term rate rises...regardless of the flattening yield curve.
That US yield curve btw. looks a lot like Europe's.
