It is a two-speed world. One half, the developed half, is desperately struggling to get things moving again. The other half, the rest of the world, is trying to rein back its growth. We talk about the recession. For many of the emerging economies, there was no recession. We worry about debts – personal, national, company and so on – and how we will repay. In much of the emerging world, there are such large savings that for many there is little need to borrow. We worry about the cuts in public spending. There, there are no cuts, for there is no need for them, and no bank rescues were needed either.
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