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Wow. Does the author realize that those countries with positive current accounts have also been the ones most hurt by the economic slowdown?

On top of that, the economies built around exports (Germany, Japan, and China come to mind first) are facing a significantly different environment than they have over the past 5 or so years as US consumers retrench and reset their balance sheets. With savings climbing from zero to 6%, there is going to be significantly less buying going on, which means significantly less demand for their exports.

The exporters that export raw materials may see better performance as everyone's stimulus plans involve infrastructure build, but that screen strikes me as ridiculously naive.
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