Today's EconoDunces don't understand global trade, Macroeconomics, markets, or anything else for that matter. They believe that Ponzi borrowing and printing money are the secrets to effortless wealth. We live in a de facto Corporate Idiocracy...
It started by arbitraging the economy from the developed world to the Third World aka. "Free" Imbalanced Trade. The free lunch, by which jobs were exchanged for corporate profits. Trade deficits funded fiscal deficits as the capital account was employed to offset the deeply negative current account (trade) balance. It was vendor take back financing on an historic scale.
*Free* Trade visualized
U.S. balance of trade (red line, right scale) versus U.S. Federal debt:
And then the underwear shall be mighty stained.
Japan and Europe
(China's casino is down -45%, not shown):