China: No more bad options

As the sovereign debt crisis in Europe and political gridlock in Washington continue unabated, the risks of another global recession have increased significantly. The only bright spot is the relatively robust growth in emerging market economies, particularly China, India and Brazil. But hopes that these emerging giants can ride to the rescue of the rich countries, either by purchasing their distressed sovereign debt or taking more of their exports, are both naïve and misplaced.

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