Are you sitting comfortably? Far, far away from the woeful mess engulfing the wicked countries of the west lies an upright land with fecund trade surpluses, near-bottomless pools of central bank reserves, well-capitalised banks and a healthy aversion to “money game” speculation.

This land of Asia, dear children, shunned the easy profits promised by the peddlers of toxic derivative products and fancy collateralised debt obligations. Its banks eked out a respectable living through the sensible business of lending money, its manufacturers through the old-fashioned practice of making things. This is why Asia has avoided the financial near-collapse that rained down on the casinos of Wall Street and London. This is why, too, Asia will now become the sole motor of global growth.