Within recent times, global productivity gains have been achieved by shifting production to Asian countries, particularly China. At its height, China's annual economic growth reached 14% in 2007 .
China's remarkable growth was driven by global demand for consumer products while global expansion was fueled by China's increased productivity. China has quickly come to recognize that this tightly linked synergy has a downside. It is simply not sustainable. Shifting real productivity from 1st world countries to emerging economies does nothing for consumer countries. US trade deficit has cost the US labor force 2.7 million jobs from 2001 to 2011 .
Central Banks in developed countries are trying desperately to keep their individual economies from sinking by pumping huge amounts of money into the system. The US Federal Reserve has committed US$2 trillion through Quantitative Easing. The Bank of Japan has pumped US$1.4 trillion while the Bank of England has added US$560 billion to the economy. 
Where is all of this money going? Why is the global economy still staggering?
All the euphoria is in the global financial markets. Stock market indices in the US have hit record highs while real productivity and wages are down. Governments continue to slash and burn social programs, healthcare and environmental protection. Unemployment reaches record levels and global poverty continues to rise. All the quantitative easing in the world goes to benefit the banks and their share holders and the rich who control the government. Unionized labor and the working middle class has been decimated and the gap between the rich and poor continues to widen.
Financial markets and high flying speculation are being buoyed by quantitative easing. That is where all the money is going.
How much longer can this continue?
Two things are looming on the horizon. The global economy will continue to stagnate while governments incorrectly attempt to revive the patient with austerity measures. How long will it take before the working class gets pushed to the limits and would no longer put up with the injustice?