<DIV><DIV><P>As we strive to rescue the international financial system, Charles Dumas points to uncomfortable truths about the conflicts ahead.</P><P>The United States has reverted to debt-driven growth (this time, government debt), and its economic benefit is waning while the risk increases. China is veering back to export-led growth and large surpluses, increasingly at others' expense. <I>Globalisation Fractures</I> confronts the inherent conflicts as issues to be urgently addressed. This is the battleground upon which the future of the global economy will be determined.</P><P><B>Charles Dumas</B> is chairman of Lombard Street Research and is considered one of the world's leading macroeconomic forecasters.</P></DIV></DIV>