America catches cold, Asia gets pneumonia.
"What we know is that Japan's economy - still the second biggest in the world by far - has fallen over a cliff since October. It remains joined to America's hip after all. The decoupling theory has failed its first test."
And we still haven't heard the end of Europe's woes because those governments own such large interests in so many companies. They are not interested in letting the world know the extent to which governments bought U.S. debt instruments expecting a larger return than their own companies could realize.
yitbos