But the source of that enthusiasm, and how it manifests in markets, has flipped. Back then, it was an outbreak of chest-thumping about a new US administration willing to deregulate and stimulate its way to unstoppable dominance in the global economy and in global markets. The US was seen as on track to suck economic growth out of the bones of the rest of the developed world, pumping up the dollar and opening up a gap between sunny US stocks and a dreary picture elsewhere.