... the ever-clearer global picture that is emerging from this crisis is that of a meaningful and historically rapid transition from the US as the traditional driver of growth and demand to the emerging markets, led by the BRIC countries (Brazil, Russia, India and China), as the new global driver.
As the US economy, the consumer and the financial sectors flounder, and as much of Europe follows suit, the emerging economies and markets are getting on with global trade, business and finance. This transition is occurring in spite of the predictions of many in the West to the contrary, and it is advancing much faster than most observers would have thought possible.
With US financing and the dollar in deepening trouble past the short term, and even at present, and with little or no viable and genuine signs of an economic rebound in the US, and with the bulk of the under-developed economies beginning to emerge from this crisis early, then we have the prospect of a world where the developed economies will likely continue to stagnate for years, where their currencies become ever-more prone to crisis, but where most of the emerging market economies return to healthy growth rates and where global investment wealth flows out of the developed economies and in their direction.