India, July 14 -- Till a year ago, the underpinning of the global economy and trading system was the "indebted" American consumer. The global superpower, the US, ran a $1.2 trillion-dollar current account deficit with the rest of the world, with China running the largest bilateral trade surplus of $295.4 billion (exporting $439 billion to the US). On the capital account, the US had achieved the unimaginable. Earning more on its roughly $35 trillion invested in the rest of the world then it paid out on its $62 trillion inflows (about 40% of which was in fixed income and US government debt instruments). Though its net international investment position was very negative, its net investment income was positive till last year. This was made po...