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If I think about things I look or think about most often where I can make an educated guess, I think the American consumer has the power right now. Not individually, but en masse, if the new, debt/risk-averse mentality of the american consumer sticks and by some strange happening, the U.S. turns into a penny pinching country, the global economy is going to undergo a massive facelift.
Fortunately for everyone else, the US government is pulling out all the stops to ensure Americans keep spending and stay levered.
What is the time frame for this question? I was thinking this year when I answered.
In general, I'd say China, but that's somewhat related to the above.
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