One of the things I try to impress on my students is the economy is a global animal, not an American one. Things going on all over the world effect us, and vice versa. In other words, Economics is global.
BUT, Tip O'Neil once said "all politics is local", and he is probably correct as well.
SO, if politics is local and economics is global, is there any surprise that politicians across the world constantly make such bone-headed economic decisions?
AND, if you think the US Economy is not in trouble, think about this: Bill Gates is now unemployed!