Foreign policy guru/professor Dan Drezner tweeted this insightful tweet, not long after the election was called.
It turned out it’s not actually true, because Canada’s Stephen Harper has won.
But the point remains a good one. The story around the world has been leaders collapsing: Berlusconi and Sarkozy are both out. Spain, Ireland, and Portugal also saw incumbent leaders forced out amid crisis. And of course, when it comes to tyrants, The Arab Spring lead to huge changes to heads of state.
The story globally since 2008 has been a subpar recovery, and fury towards leaders.
The US recovery has also been slow, but it’s been a superior recovery to what’s been seen in Europe, and increasingly in Asia. Part of that is the stimulus/deficit spending, and also Bernanke probably has something to do with it. Ray Dalio has called this a “Beautiful Deleveraging.”
One thing we noted yesterday in predicting the outcome was that Obama would be carried by a rapidly healing household sector, whose economic confidence was rising.
Things aren’t great, but compared to the rest of the world? Yes, things are going well.
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