Actually I don't think Asia's troubles are nearly over. But I don't see much or any fall-out in the U.S., which is what I take to be the central issue as to basic sustainability of the world system. After all, even a stiff recession here -- which is nowhere in sight -- means just more of the usual babble about full employment policy and some extra margins for Dems in elections. No basic qualitative change there.
I can't help recalling 1992 these days, since there really does seem to be a chance of GOP meltdown. In '92 the Dems had it all at the Federal level, and it didn't come to much. Another time around and it may get positively boring to see the Republicans get plastered in elections. I don't look forward to eight years of Prince Albert and another eight of Dollar Bill.
mbs