It looks like Europe will get hit by the ongoing recession and deflation worse than the US. China could get whacked by a double blow of 1) a global recession clobbering their overheated economy and 2) the impact of their governmental entities holding huge amounts of US mortgage debt that is decreasing in value. If so, then the US economy could end up being the last one standing and the least damaged.
I hope President Obama follows through on his pledge to pump tens of billions a year into R&D for renewable energy and cleantech. This will spinoff countless new technologies which in turn will create new jobs and industries. Going green may well be what saves us from the worst of the recession.