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...even when growing at a double-digit rate, China's economy is not yet large enough by itself to keep the global economy surging. The country accounts for only about 5% of total world GDP; the U.S. is responsible for 28%. "China's strength can help," says UBS's Wang, "but it's not enough to save the world." China may be lucky just to save itself...
...American consumers had become more addicted to debt than Wall Street was. Total household debt at the end of last year was $13.8 trillion, up 20% since 2005. At the same time, the household savings rate ticked down close to zero; the rocket's engine was running on empty...
...Less-leveraged business, in fact. The irony is that in the deleveraged society the U.S. is in the process of becoming, it's the careful consumer who may ultimately bail out the economy. Ashworth believes the U.S. savings rate will rise to 5% of GDP over the next two to three years. "We're going to save more and spend less, because now we don't have a choice," he says. That increase in savings, he figures, will amount to some $1 trillion - about the projected size of next year's deficit...
...want to give up half of my business. Now that my business is not worth anything, wouldn't it be a good time to do it?'" Conversely, some nonearning spouses of the very wealthy are also trying to game the nuptial market, attempting to lock in a higher rate in case the economy travels further south...
...face of this, some couples are attempting to tough it out. "The divorce rate is down in Michigan," says Gornbein. "People have no choice sometimes now except to return to the marriage." Others are choosing to separate or divorce but live together until either the house sells or they go stark raving barmy and will sign anything. A Boston lawyer tells of a woman who had a restraining order against her husband but was forced by economic circumstance to let him move back in. (Eventually they reconciled...