Those who live by exports ....

Funny how heavily export dependent economies, emerging (China et al) and mature (eg GER) are being hit by the recession in their export markets

Debunks the myth of export exceptionalism. And points out the value of consumption rich economies (USA and many in the Eurozone).

In other words, where are the US, Spain, Greece, France, UK, Italy consumers when you need them, Germany, China et al? Austerised.

Let's face it, it's the US and many Eurozone consumers that make/made the world economy/trade go round!