Take all of the statistics measuring the abrupt decline in the US economy in the last few months and double them. That is what is happening now in the Chinese economy as well as in many developing economies dependent on commodity and manufacturing exports to the developing world. Reduced exports to China are bringing the US recession to industries and regions that were relatively insulated from the first stage of the recession that centered and housing and consumer goods. And reduced Asian demand for commodities, especially energy and metals, will keep world commodity prices depressed for at least a year.

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