Remember that "synchronized global upswing"? At the very least, it's gotten out of sync.
For much of the past year, "global upswing" was a compelling way to describe the economic picture. A new understanding is needed, but we won't be sure just what is happening until we see whether Japan and the euro region can convincingly bounce back from a string of disappointing numbers. If they can't rally as most economists predict, more of the burden for the global expansion will fall to the U.S. and China.