The double proposition of which neither is practically acceptable...
US is enjoying growth albeit small
EU - Europe - is an economic and political union of 27 members with tonnes of problems; the rich North supporting a poorer South
The excessiveness of some EU's members is emptying coffers and banks and their refusal to force sell the affected assets, whose value had reduced substantially, is nothing but hollow hopes
The West bullied the East (Asia) in the 1997/98 Asian Financial Crisis and bought cheap into Asia; why are they preventing the reverse from taking place? Protectionism? Selfishness? White superiority? It's a bundle of jokes and self-centreness
China, the workshop of the East, is shedding its low cost image and struggling with internal disquietness brought about by years of disproportionate distribution and a widening rich/poor gap while India is embroiled in internal politics and democratic gamesmanship
Japan is struggling to break out of years of deflation
Globalization and internet has brought about global problems which cannot be singly isolated nor quarantined. The World is more vulnerable; a declining or sub-normal growth will breed massive unemployment, disharmony and hunger
The Middle-East is the playground of geo-politico gamesmanship and distraction from localized problems
Russia will be the game-broker
Commodity prices will correct from their multi-years high and go into a tailspin vis-a-vis declining growth and collapsing demand.
However, the saving grace is "Hot Money"!
World Wars I & II were fought for political and geographical dominance; by extension economic superiority and control ... there will not, and cannot, be a World War III as we have enough nuclear to MAD (Mutual Assured Destruction)
However, proxy wars are not totally unexpected
The World will have to shed her excessiveness and enter into a recession and/or deflation phase
Nevertheless, due to compact time and space, changes will be speedier, more painful and impactful. Brave for sudden and acute changes, both natural and man-made
After the collateral damage, comes recovery & growth
CASH is King