While Dr. Doom (Roubini) warns of a double dip recession, an interesting New York Times article also appears, Asia’s Recovery Highlights China’s Ascendance.

In past global slowdowns, the United States invariably led the way out, followed by Europe and the rest of the world. But for the first time, the catalyst is coming from China and the rest of Asia, where resurgent economies are helping the still-shaky West recover from the deepest recession since World War II.

While Roubini warns on oil price increases breaking any potential recovery, we note China's robust growth is causing oil prices to rise.

Anyone recall China's Quest for Oil quoting deal after loan after acquisition?