The new economic world order in one chart
This is the proverbial picture that is worth a thousand words. The chart, published on his blog by economist Ed Yardeni, of Yardeni Research, shows global oil demand, but splits it between the developed economies–the U.S., western Europe and Japan–and all the rest, i.e. the developing ones. The divergence since the lines crossed in March 2005 is striking. There can be no clearer graphic demonstration of the new economic world order. --PM.