The world isn't flat. When it comes to the global economy, the world slopes upward. The 190-odd countries in the world, roped together in various-sized groups, are groping their way toward the top of this mountain. The summit - and now you know why they are called "economic summits" - is shrouded in mist. The mountaintop has a most annoying habit of appearing to retreat into thin air the higher we climb.

The climbers are...