INTO THE STORM FOR much of the past year the fast-growing economies of the emerging world watched the Western financial hurricane from afar. Their own banks held few of the mortgage-based assets that undid the rich world’s financial firms. Commodity exporters were thriving, thanks to high prices for raw materials. China’s economic juggernaut powered on. And, from Budapest to Brasília, an abundance of credit fuelled domestic demand. Even as talk mounted of the rich world suffering its worst financial collapse since the Depression, emerging economies seemed a long way from the centre of the storm. 過去一年的大部分時間里，高速發(fā)展的新興國家一直在遠處觀望著西方國家的金融風暴。他們的銀行僅持有少量抵押資產(chǎn)，而類似的資產(chǎn)已經(jīng)破壞了發(fā)達國家的金融公司。商品出口商因為原材料的高價格而日漸富有。中國不可抗拒的經(jīng)濟力量已然開啟，而且信貸刺激的內(nèi)需從布達佩斯到巴西利亞都表現(xiàn)得非常充足。盡管大蕭條后關(guān)于西方國家受難于金融崩塌的話題與日俱增，但新興國家似乎距離金融風暴的中心還有一段距離。 No longer. A...