It underscores one of the more obvious, yet overlooked, implications of an increasingly interdependent world: we are all in it together. The euro crisis is a serious shock and is producing ripple effects around the world. Europe is export-led China's largest source of external demand; as China goes, so goes the rest of China-centric Asia; and, from there, the ripples reach the shores of an increasingly export-dependent US economy.
In an era of globalisation, there are no innocent bystanders. There are certainly no oases of prosperity in the face of yet another major shock in the global economy. America's growth mirage is an important case in point.