As in “We are gradually recovering from the global financial crisis, the worst since the Great Depression…”
Who is we? China? No, surely not with GDP growth heading for 8.5% in 2009? East Asia? 1997-98 was far worse.
No “we” is a group of sloppy thinking commentators mostly found on CNBC and Bloomberg. Such commentators need to get over thinking that they are the world (never were!) and realise that their world is not THE world. A vast swathe of the world’s population – I guesstimate a good majority – was not caught up in this crisis in any real sense. At worst it disrupted some of their lives for little more than a quarter.
Could it be that many Western Commentators could not imagine a world where they would suffer but most of the rest of the world would not suffer with them? My advice to purveyors of such short-sighted economic jingoism: THE world does not rotate around you the way it once did (i.e 1945, when the US was some 50% of global GDP). So start imagining a new world where the economic centre of gravity is not the North Atlantic. At best it is (for now) the North Pacific and so no longer the Atlantic (sorry, Europe!). Very soon, it will be Continental Asia, pure and simple.