China's two strikes for today are:
1. China's aging population: a demographic time bomb. China is not ready for the demographic sledge hammer rapidly descending upon its head.
2. Massive overcapacity: the limits to government dictate. China's economy was unable to adjust properly to the radical drop in export income dating from 2008, 2009. Bubble trouble in spades.
Europe's daily double:
1. The birth of gangland: Unwise immigration policies lead to societal fragmentation and rising crime
2. Crash of the nanny state: Welfare state economics confronts the shrinking taxpayer demographic collapse. Welfare states are pyramid schemes. They do not work in aging populations. Hence Europe's rapidly growing economic problems.
The US is facing many of the same problems as Europe, and is also burdened with the Obama administration -- arguably the most destructive US presidential administration ever.
Globally, the economic situation is even worse, since the world economy needs for the US and Europe to thrive, to have someone to buy the emerging world's exports. Mish has more about the economic problems from the BRICS to Canada to Asia. There is very little in the global economic picture about which to feel encouraged.