that we are no longer alone in leading the financial world. It used to be that if our economy sneezed, the world economy caught a cold. In the first quarter we grew at 1.3%, which is pretty poor. The rest of the developed world did much better. And, of course, China and India did a lot better. The emerging markets' share of capital spending has almost doubled in the past ten years; it's now approaching 40%.
Of course, what happens if we catch cold is still unknown, but it's unlikely that it will not have a major impact on the global economy. We're still just too big a factor.
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