hegemony. as morgan stanley points out, the economy is looking like peak america. u.s. stocks have outperformed the rest of the world this decade, and that sort of trend rarely lasts. the current recovery is now the second longest in history, and it is due for a downturn. interest rates are rising. corporate profit growth is slowing. and budget deficits are surging. even president trump seems aware of the likelihood of a dip, which is why he has been preparing the ground for it by blaming the federal reserve for raising interest rates. but there are broader structural realities at work as well. while the united states continues to outperform other advanced economies, the rise of the rest also continues, with china the world's second largest economy growing at three times the pace of america. a quarter century ago, china accounted for less than 2% of the global economy. today, it is 15% and rising. china boasts nine of the world's