The real test of the rest of the world's stamina will come over the next year, as the negative wealth effects of falling home prices start to weigh on American consumer spending.

随着今后美国房价下跌的负财富效应的显现，开始成为消费者支出的沉重包袱后，明年才是真正考验各国经济增长后劲的关键时期。