The global crisis will continue to profoundly impact the American. and global economy, but the demand for Treasuries will give the U.S. government broader options in dealing with the troubles, even if those options hinge on borrowed liquidity. Some countries, such as India, have proven to be more economically dependent on U.S.-fueled growth than widely presumed. China’s financial standing, meanwhile, remains largely unknown, given its opaque accounting.
It seems increasingly probable, therefore, that while the U.S. economy will suffer in absolute terms, it may not fall behind much in relative terms. The sudden brake on America’s brisk growth may just prompt global economic pain, rather than lead to a change in the global economic pecking order.
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