Developing nations to carry world economy again.

Byline: Kamrul Idris

THE stock market declines this month induced such a seizure of reminiscence that there was a rush to compare notes on the crisis in 2008.

The sensations were similar: dizzyness, nausea (former United States treasury secretary Hank Paulson is famous for retching emptily into his office wastebin as he scrambled to save the global financial system in the last quarter of that awful year) and a losing struggle against panic.

"Has market turmoil left you feeling afraid?" the economist Paul Krugman teased in his New York Times column last Friday.

"Well, it should. Clearly, the economic crisis that began in 2008 is by no means over." A line can be drawn between then and now, but a scarier difference has arisen for the note-takers. The 2008 crash was set off by a loss of confidence from subprime borrowers, Wall Street and banks the world over taking on debt they could not repay. The present …