China credited with saving US Arse

[Rubber Duck]

WASHINGTON, Aug. 24 (Xinhua) -- In the past, a sharp slowdown in the United States would trigger a severe decline in world growth. But now the dynamic of the world has changed with a fundamental shift being under way.

TRADE WITH EMERGING ECONOMIES HAS SAVED AMERICA FROM RECESSION

"We are experiencing the first episode in history of reverse coupling, in which the rest of the world pulls the U.S. forward rather than the opposite," said Fred Bergsten, director of the Peterson Institute for International Economics, a leading think tank in the United States.

Bergsten told Xinhua that he believed that "trade has saved America from recession" because "the improvement in trade balance has accounted for the totality of U.S. economic growth over the three quarters."

Bergstan's opinion was echoed by many U.S. economists and officials....


http://news.xinhuanet.com/english/20...nt_9706441.htm

Personally, I think this is way too optimistic, as Germany and Japan are suffering badly from problems that originate in the US. This is actually probably far from over, but it is clear that US is not the force it was.

Russia threatened with being barred from the WTO, more or less told them to shove it where the sun don't shine.

http://news.bbc.co.uk/1/hi/business/7582079.stm