The recent Trade and Development Report 2010 from UNCTAD also shows clearly how the idea that the so-called emerging markets (like China, Russia, India and Brazil) can provide anything like an equivalent market in the global economy is simply nonsensical given current economic sizes and growth patterns.
In any case, these countries are also still obsessed with exports as the engine of growth!
The current economic strategy that is now common in Europe is both economically wrong-headed and socially unjust, but its reversal essentially depends upon political pressure.
This may not occur quickly in a country like Estonia, with its burden of Soviet history.
But elsewhere in Europe the signs are that the worms are finally turning.
Image: Oxfam international activists pose as G8 leaders wearing giant caricature masks at a poker table in a gambling club in Paris, Monday May 23, 2011. The eight will meet at the G8 Summit at the Deauville in France on May 26-27, 2011. Sign reads: G8 Promises of Aid ...who's bluffing?