“In a very bizarre way, roles have been reversed in the global economy. The typical troublemakers of the global economy, the emerging markets, are actually now the world’s creditors…”
By David R. Sands
The Washington Times
As shell-shocked central bankers and finance ministers gather in Washington to confront the world’s financial meltdown this weekend, that grinding noise in the background is the sound of the global balance of power shifting.
In sharp contrast to past crises — from the Latin American debt problems of the 1980s to the Asian and Russian currency collapses of the 1990s — the emerging markets of the developing world boast the strong balance sheets and deep financial pockets while the United States and Western Europe lurch from crisis to crisis.