[This piece has been published in Restoring America to highlight how U.S. economic policymaking affects the rest of the world.]

In late 2008, at the start of the Great Economic Recession, Queen Elizabeth famously berated the economics profession for not having warned her of a major world economic and financial market crisis. Next year, should the world succumb to another economic and financial market crisis, the economics profession will again come in for severe criticism for having been as complacent about the world economic outlook as they are today. But unlike in 2008, when serious economic weaknesses were largely confined to the U.S. housing and credit markets, today every major part of the world economy is seemingly prone to a serious economic crisis.