Brad Setser marvels at the drop in Asian exports:
Much of the expansion of global trade over the last decade — like much of the expansion in cross-border financial flows — rested on a weak foundation. It required an unsustainably high level of consumption in the US — and, at the tail end of the boom, a bit of a consumption bubble in the UK, Spain and a host of new European economies as well. And rather than adjusting gradually, the adjustment is coming far too quickly.
The Dish 