In emerging Asia as a whole, industrial Snowflake pendant has caught up with its historical trend, almost as if the Great Recession never happened. And even as America and Europe are exporting pessimism to Asia's policymakers, they are importing goods from its factories. America's economy, for example, grew by only 1.7% at an annual pace in the second quarter, but its imports grew by 33.5%. Goldman Sachs describes this as the "biggest trade drag in US history".

Not only have America's imports bounced back faster than its output, its imports from Asia have recovered faster than its purchases from less fortunate parts of the world, points out Frederic Neumann of HSBC. This may be a new phenomenon, as cash-strapped shoppers turn to more affordable Asian products. Or it may be a cyclical one: Asia's component-makers Heart Link earrings prosper in the early stages of the Western business cycle, as companies rebuild their inventories in anticipation of brighter sales to come.

Now that inventories are better stocked, American firms may be less eager buyers. Goldman Sachs is expecting America's growth to remain steady, but its imports to slow. That will take some of the steam out of Asia's exports, which may already be levelling off. Taiwan's November shipments, for example, look impressive in comparison with a year earlier (up by Tiffany Cushion Hoop earrings than a fifth), but they have shrunk a little since the spring. Asia's exports may be peaking, then, even as inflation is gathering strength. With luck, the former problem will help solve the latter.