It wasn't the world that got flat, contrary to New York Times pundit Thomas Friedman, but the emerging markets that got flattened. Faddish conventional wisdom over the past few years held that American influence was fading as technology radiated to the far reaches of the world. When America's economy went into a ditch, though, the supposed economic superpowers of the future went flying, like children on skates holding onto the back of truck. The financial crash exposes the fragility of large swaths of the world. The political consequences will be terrible. The worst of it is that America will not...