Over a year ago I made the argument (available in the "PAPERS" section to the left on this blog) that The Obama administration would consider an "Obama Doctrine" that would effectively focus efforts on the Antipodes; focusing on counteracting infiltration efforts by commodity dependent exporters, interdicting the import of socialist doctrine into Africa and South America, etc.
Now my attention turns to South America. Africa as proxy battlefield between the U.S. and China has become well-known to those who need to know these things.
But South America, which has experienced a commodity and property boom, will also face significant pressure from markets. Brazil will not be spared and the Andean countries will certainly suffer from decreased capital flow and rising real interest rates.
I fully expect the foreign policy stance of the Obama administration to shift towards the antipodes and away from the drama in Europe.