The power to move to the US or to Western Europe has not shifted anywhere if the news and personal anecdotes are to be believed. A lot of developing countries don't have the infrastructure or the intelligence to create another Silicon Valley. If anything they are further cementing their power because of the credit crisis. I was on the phone with a colleague in Hyderabad and he told me the R&D companies are starving for capital. When everyone was flush with cash it was easy to open a branch in India, China, or Eastern Europe, but a lot of companies are running low and those foreign offices are the first to get cut.

I am aware that they are trying to build their own middle classes, these things take time and it's going to be a long wait before they can be completely self-reliant.