Asia: happy days ahead?

Just when everyone thought Asia was beginning to recover from its period of economic crisis, it seems it''s not out of the woods just yet.

If you thought everything that could go wrong with Asia has gone wrong, you are wrong. Something else is about to happen that will make the long-run pain even greater, but may provide a little short-term gain for investors.

One of the great benefits of globalization is that the US benevolently spread the largesse of its riches among the emerging markets of the world by putting its electronic and other factories abroad. This boosted growth for the poor countries dramatically, as long as US IT demand was growing at 25% a year.

But what if the US goes into hi-tech recession Then the US suffers less and Asia more. And the US hi-tech...

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