Below we highlight global equity market declines from recent peaks. As shown, China is currently off the most from its highs -- down nearly 21%. Sweden, Japan and Italy are also down more than 15%. Spain, Australia, Russia and Germany have held up the best, while the Nasdaq and the S&P 500 are just about in the middle of the global spectrum.
With US subprime woes widely regarded as the cause of these global equity market declines, it's clear that the U.S. still matters -- a lot.