Brad Setser marvels at the drop in Asian exports:

Much of the expansion of global trade over the last decade like much of the expansion in cross-border financial flows rested on a weak foundation. It required an unsustainably high level of consumption in the US and, at the tail end of the boom, a bit of a consumption bubble in the UK, Spain and a host of new European economies as well. And rather than adjusting gradually, the adjustment is coming far too quickly.

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