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Financial crisis reshapes world order

David R. Sands
Washington Times
October 12, 2008

As shell-shocked central bankers and finance ministers gather in Washington to confront the world’s financial meltdown this weekend, that grinding noise in the background is the sound of the global balance of power shifting.

In sharp contrast to past crises — from the Latin American debt problems of the 1980s to the Asian and Russian currency collapses of the 1990s — the emerging markets of the developing world boast the strong balance sheets and deep financial pockets while the United States and Western Europe lurch from crisis to crisis.

Associated Press ‘INTERCONNECTED’: President Bush met with (from left) Jean-Claude Juncker of Eurogroup, Shoichi Nakagawa of Japan, Condoleezza Rice, Henry M. Paulson Jr., Christine Lagarde of France and James M. Flaherty of Canada.

“In a very bizarre way, roles have been reversed in the global economy,â€