you are simply making the case that a global recession is coming - you may be right. Greenspan can't figure out why the bond market isn't raising rates (because he is) - the markets are telling him something, they are telling the Fed their statements about how well the US economy is doing, which is the basis for his rate increases, is grossly overstated. The market is right.
As this article says, China and India are sucking the air out of the room - they are sucking in what would be capital investments by western corporations (japan, US, Europe), reducing our economic and job growth. the US is only doing somewhat better because we have population growth (immigration, legal and illegal) and a developed service economy that the others do not. But those factors won't hold us up forever.
You could be right, and you could argue that growth in th overall world economy as capital moves around searching for the highest profit is a good thing, as corporations invest overseas and take profit from overseas markets and from overseas labor to domestic stockholders and consumers and overseas consumers have more spending capital and so on. A world economy, where, as long as theres no aggression or State intervention is a good thing.
And let me remind you, if there is a correction, and China reduses its "subsidy" of the dollar etc, our flexibility in labor, and movement of capital, etc will allow us to adjust a lot more effciently than in other countries, including China. Its when the State gets overly involved that more permanent problems arise.