Time flies and changes occur but ...
The USA owes the world money.
The USEurope struggles to save fellow members from bankruptcies and collapse.
Asia - the lenders - lending in a big way to stall a total collapse and jumpstart the recessionary West; stalling for time and also hoping the West will recover and turnaround.
The West are used to spending while the East are used to saving.
Western cultures preach philosophical ideals, democracy, freedom & rights unlike the East that strives to keep hunger at bay, with unison response and social 'responsibilities' and 'to save for rainy days'.
The US$ is not back by strong reserves nor gold but by the sheer strength of bullets - sole superpower with ability to respond militarily; henceforth the Confidence大哥大!
The Euro$ is as stable as the unity of The European Union (EU); an economic and political union of 27 member states which are located primarily in Europe. Recent soverign debts within its member states are causing extreme strains and challenges骑在虎上，下虎难.
- the strongest link is also the weakest link.
Asia is still as divided as they are united by circumstances. Lending to the West to create multiplier and demand to fuel growth at home is a nightmare. With declining growth, unemployment, underemployment, corporate and soverign failures, rising non-performing loans and other ills, the West's ability to pay is evaporating by the day.借钱难，换钱更难。
Soverign debts, corporate failures, protectionism, 'social unrest', self-interest and weakened political will will lead to economic war; a war where most will loss and few, if any, gain.
The question is not whether will we get into a 1930s-type depression, its an implosion of the financial system and globalisation; it is the degree of restructuring, and the birth, of the New Economic Order.
With declining to negative growth, demand falls; demand for commodities also fall.
As global economies contract, demand decline and social disorder rears its ugly heads as jobs evaporate.
The Stock markets and commodities markets will not be spared by this downswing. It is not the end of the economic world but it is a gross adjustment of excesses and greed built up over the years; pain will be felt, bitter medicines fed and unpopular actions employed.
The days of easy money/credits and mutual assistance will give way to nationalism and self-serving political will. Any willful and selfish policies by the dominant economic entities will force further degeneration and sufferings.
This (the economic adjustment) will not happen tomorrow but its sooner rather than later - a New Economic Order is in-the-making!
Cash is King有钱不是万能。没钱万万不能
The immediate recovery in the collapses of stock markets are things of the past as the cyclicals indicate major turning points with weak economic fundamentals and weaker political wills.
.Beware and be forewarned; you have been told
This is not an economic doomsday projection but the tsunamic changes that will re-balance exiting economic and political alliances.
Capital and commodities markets will recover in due course but do not be whipsawed and drowned by its volatility.