Here are my theses.
The credit system started to collapse in August of '07. Now it has collapsed. Banks are not making plans to lend. Fraud and the netting effects flowing from that fraud have frozen the credit markets and that's that.
Unless the world shortage of dollars is solved, the emerging markets and the BRIC countries are finished. Europe is going to take an enormous hit. Japan will do a little better but not well.
This is the collapse of the dollar system - a deflationary collapse.
-- peace,
boddi
http://financialroadtosocialism.blogspot.com/