This is a secular trend, which will have indelible effects on many macro factors.  

For starters it would mean an more pronounced recovery in the U.S vs. the one we’ve experienced since mid-2009.  However, because of our Fed’s myopic strategy of continuous QE, inflation will become a more persistent problem.  Furthermore a steady source of this inflation (the rise of China) will probably result in the top for the Treasury bull market that has been in place for the past 3 decades.  

While these events aren’t knocking at the door (I see some more upside for Treasuries and continued disinflationary pressures in 2012), the genesis of these profound long-term trends are in their infancy and will continue to grow.  I’m thinking they will become more observable in 2013-2015.  

I’ll be including these thoughts in my next outlook (Beg.-Year 2012)