So let me get this straight:

1. U.S. fiscal authorities authorize a massive increase in public borrowing that perpetuates or, at the bare minimum, helps maintain strong U.S. economic growth amid broad-based deceleration throughout the global economy;
2. U.S. monetary authorities continue tightening as a result of said strong domestic economic growth and as the drivers of core inflation continue to inch higher, exacerbating the relative risk-adjusted returns of short-term U.S. dollar-dominated assets vis-à-vis the rest of world;
3. Capital is then continually drained from weakening EM and European economies in order for the private sector to finance burgeoning U.S. deficits in a regime of dramatically reduced demand for U.S. Treasury paper by foreign (read: EM) central banks.

Sounds a lot like the mid-1980’s to me.