The last 30 years of global economic history are about to go out the window

``... the broader point is that this marks a new phase for the global economy. For nearly 30 years, China has bulked up by digesting tons of commodities from the world's emerging markets and turned them into exports, and in the process has become a key creditor to the world's largest consumer economy, the United States. All of that is changing now, and nobody is quite sure how it will play out.''