Blessed borrower, the oil-shock absorber

WHO is afraid of an oil shock? Almost no one, seems to be the answer. For this state of bliss, there are several reasons. But among the most significant is that the US, not relatively fragile developing countries, is the large-scale borrower this time. That has made it far easier for the world economy to jump over the current shock than the previous ones.

Yet, if oil exporters, advanced countries (excluding the US) in aggregate and China, the world

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