As stock markets around the world respond to turbulence in the US, variations on a dusty old theme are heard over and over in the media and elsewhere: "When America sneezes, the world catches a cold." “When America drinks too much, then everyone gets a hangover.” “When America smokes, the rest of the world gets high.”
To restate this catchphrase: the US economy which accounts for about a quarter of the world's gross domestic product, remains the world’s largest importer and the dollar is the leading reserve currency accounting for 60 percent of international foreign exchange reserves.
