The Greatest Depression on Hold
"The United States brand of capitalism was in its death throes. Empire America was disintegrating. The meltdown was global in reach and few nations would escape the fallout.
Yet, in the Spring of 2009, delusion was in full bloom. The sentiment was that the global economic emergency was ending. While initially the US had been blamed for precipitating the crisis, there was no longer the fear of economic contagion. The world markets were in recovery mode, especially the emerging economies. For example, in the bellwether developing countries —Brazil, Russia, India, China (BRIC)