[lbo-talk] Recovery Starting in the Semi-periphery?

[dredmond at efn.org]

A survey from KPMG says manufacturers in the BRIC nations are seeing a
genuine upturn:

http://in.reuters.com/article/businessNews/idINIndia-41649320090810

This is significant, because the BRICs are a reasonably good proxy for
their respective regions (Latin America, Eurasia, South Asia, Southeast
Asia). If this holds up, we're not in for another Great Depression, but a
Great Transition towards multipolarity. Given the logic of regional trade
links, the BRIC recovery should start to fuel recoveries in the EU/East
Asian metropoles first. This dovetails nicely with the latest economic
data from Japan and Germany, which point to an impending upturn.

Of course, the US still faces a huge problem of deleveraging its bloated
financial sector and fixing its busted banks. But this is looking more and
more like a US-specific problem, not something which will bring down the
world economy.

-- DRR