Trump was elected because of fears regarding migration and the export of jobs resulting from Free Trade Agreements.

The US ran a balance of payments deficit, thus exporting dollars, in the fifties and sixties. It tried to crack down on this in the Sixties but ended up 'exporting banks' not just dollars. It was the lifting of exchange control by OECD countries which permitted portfolio diversification by the private sector, which naturally resulted in more investment in the 'global safe haven' that is the USA.

It is quite foolish to talk of a 'Minatour'' or any other mythical animal. People want to have some of their savings invested in the US market just as they want some investment in India and China and so on. However, the US has a far better developed financial system and so we can't invest as much as we'd like in India but, especially short term, look to the US to provide security.

'Declining inequality' in post war countries was a feature of high taxes left over from the War years. Inflation in the Seventies also caused 'fiscal drag' pushing people into higher tax brackets. Govts. awash with cash raised welfare payments which had supply side effects and caused a voter backlash which resulted in 'workfare' type schemes. However, fiscal policy as a redistributional tool was now dead in the water because voters still remembered and resented previous prodigality at the expense of working people.

China's 'private debt' is not important. Little is owed to foreigners. China may slow down for other reasons but their system is so different from, for example, Japan's that we really don't know what will happen.

It is sheer fantasy to think that the 'Dragon stepped in to save the Minotaur'. China was determined to grow rapidly and would have done so by any means necessary. Suppose the world retreats into protectionism and an Exchange Control regime. China will do bilateral deals and grow that way.

It is utterly foolish to think that Trump can influence how private Chinese debt is structured. Does the present leadership of China strike you as eager to give ear to Trump of all people?

There is a shake out coming in China but it will free up misallocated resources and thus improve the supply side. That's a good thing.

What is the point of going on pretending in some Marxist 'under consumption' crisis at this time? Now Fidel is dead, literally no one who is any one believes that nonsense.

If you believe in 'Dragons' and 'Minotaurs', by all means write a Manga comic.