While the analysis is good, let’s hope Obama doesn’t have to face all of the doom-and-gloom predictions. It wasn’t the world that got flat, contrary to New York Times pundit Thomas Friedman, but the emerging markets that got flattened.
Faddish conventional wisdom over the past few years held that American influence was fading as technology radiated to the far reaches of the world. When America’s economy went into a ditch, though, the supposed economic superpowers of the future went flying, like children on skates holding onto the back of truck.
The American consumer, it turns out, played Atlas to the global economy, taking the exports of Asia, so that Asia could buy the commodities of Russia, Latin America and Africa. Remove the American consumer, and Asian exports crash, taking commodity prices along with them.
via Asia Times Online :: Asian news and current affairs Continue reading “The World Is Flattened”