In the new global macroeconomic framework, we may see increasing importance of domestic demand in each major economy, thus providing the US with the chance to be more fiscally responsible without overly choking its economic participants with higher duties, reversal of past tax cuts, among other things.

For decades, the US consumers have been the engine of the global economic growth. In process they have got themselves into a huge pile of household debts. Thus in effect while factory workers in China have been working very hard to send all those goods to the US (they have since fortunately widened their market elsewhere too, e.g. Europe), the US in turn have been sending back paper IOU's, hence the massive accumulation of reserves by China and other Asian countries far beyond what they could possibly need to cover many many months of imports.

One projected worst case scenario is a Spanish flu style contagion similar to 1918, possibly killing as many as 71 million people and costing the world economy $3 trillion. Let’s hope we are not heading that way.