Global GDP growth PEAKED in 2008 and has fallen steadily since that year, averaging 3% growth per year, currently at 2.4%. Meanwhile debt accumulation has averaged 4% per year.
All of which means that after 2008, the world never came out of recession. Because Globalization is wholly insolvent. It's supply without demand.
"Then we borrowed our way out of a debt crisis..."
Obama's "recovery" is 100% fraud.
As indicated by GDP growth - Deficit as % of GDP, which never once went positive in this cycle. All economic "growth" was borrowed money...
In this year alone, the delta between GDP growth and the deficit is -2.3% (1% GDP growth, 3.3% deficit).
However, when inventories come down, nominal GDP will collapse deja vu of 2008:
Global GDP growth (black line) with Corporate earnings yield (red line). Two lines that should be going up at the end of the cycle, not down...