Shock needed to cool the US boom

What's the next big thing for the world economy? This time last year it was Asia's rebound, global recovery and the reversal of deflation fears. Now that the e-business revolution is going global, it should be grasping the opportunity for an extended cycle of strong world growth without inflation. But that depends on making an awkward transition in coming months. Typically, when growth is this strong, tighter global liquidity conditions provoke a financial crisis (the equity crash in 1987, Mexico in 1994/5, Asia in 1997). What is needed now is a more 'controlled shock' that cools the US c...