The nomenclaturely-frugal columnist Spengler writes on the global economic crisis in the Asia Times Online:

It wasn’t the world that got flat, contrary to New York Times pundit Thomas Friedman, but the emerging markets that got flattened.

Faddish conventional wisdom over the past few years held that American influence was fading as technology radiated to the far reaches of the world. When America’s economy went into a ditch, though, the supposed economic superpowers of the future went flying, like children on skates holding onto the back of truck.

The American consumer, it turns out, played Atlas to the global economy, taking the exports of Asia, so that Asia could buy the commodities of Russia, Latin America and Africa. Remove the American consumer, and Asian exports crash, taking commodity prices along with them.

The financial crash exposes the fragility of large swaths of the world. The political consequences will be terrible. The worst of it is that America will not be around to moderate the melee, not if Democratic Senator Barack Obama is elected president, that is. Those who objected to America’s role as world policeman will get what they wanted, but they won’t like it: a religious war reaching from Lebanon to Pakistan, and Colombian-style narco-war spreading to Mexico and Brazil.

Read it all, as they say.

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