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Katie Couric's Notebook: London

(AP Photo/Kirsty Wigglesworth)
It's called globalization: the economies of countries all around the world connected through trade, outsourcing, and foreign investments. It was the subject of Thomas Friedman's book "The World Is Flat."

Many nations saw the upside of deep financial ties to the U.S -- more jobs, better technology, and a global market for goods and services.

But even in a flat world, gravity applies.

What goes up ... must come down.

Now in the midst of a global crisis, Europeans are pointing blame across the pond. And China is warning that the dollar should no longer dominate global currency.

President Obama wants to stop the G20 leaders from closing their doors to trade with the U.S. But the battle against protectionism isn't just "over there."

He'll need to stand up to members of his own party, as the "buy American" cries grow louder.

The President may find himself surrounded by disillusioned skeptics as the problems of a flat world come full circle.

That's a page from my notebook.

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