New York Times: If US economy has a cold, does it matter?

The sharp downturn in the US housing market has affected the economy, but not the US consumer who seems not to have noticed---and has kept on spending. The leadership of the world growth engine has been the emerging markets--countries like China. Local residents from Evansville who have visited China lately have been stunned by the high rise construction cranes everywhere and ---right alongside these cranes can be seen centuries old carts.

Click on the post for an article in the New York Times that talks about the change in the leadership of world wide economic growth---and whether it matters.