It was supposed to be the Chinese government that was going to rescue the global economy. Once the rationalizations ended and officials around the world realized there was serious economic weakness building at the end of 2018 instead of a globally synchronized inflationary recovery, the green shoots of 2019 were going to be in one big part a fiscal stimulus boost.
It didn't happen over in China. From PMIs to FAIs, the Communist government remains largely absent. That's the difference with "managed decline."
With the Chinese on the sidelines, other governments are picking up the