President Obama, of course, will not tow the industry line.

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Lastly, it implies he can work with people who do not agree with him on everything and who do not kow-tow to the Bush name-brand.

ECONOMIST: Be my number two

To stretch Mr Rogoff's metaphor, the rope East Asia extends to America is not a noose but a tow-line, which will gradually pull Asian economies towards greater prosperity.

ECONOMIST: Economics focus

That may not be sustainable forever, argues Jeff Jarvis, director of the Tow-Knight Center for Entrepreneurial Journalism at City University of New York.

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