What you are looking at in the chart below is likely the most frightening chart available to economists today: 10 year benchmark long-term government bond yields for Germany, France, Switzerland and Japan. The chart shows that yields for each of these countries has reached or broken through the dreaded zero-lower-bound.

I think, the implications of this chart are that most advanced economies of the world market are now firmly trapped in a deflationary death spiral.

If Donald Trump were not president, economists would be losing their minds about right now. The reason they would be losing their minds is simple: the above chart shows that monetary policy is dead and U.S. allies have no real tools at their disposal to fight the onrushing catastrophe. Without a massive fiscal stimulus on order of World War II, the United States will quickly follow its allies into the abyss.

But a massive fiscal stimulus package at this time would guarantee the reelection of Donald Trump and no one wants that. So they have their fingers crossed.