A reasonably restrained doomsday piece by Ambrose Evans-Pritchard, in the UK’s Telegraph: World stability hangs by a thread as economies continue to unravel.
His point about the BJP (Hindu Extremists) possibly gaining power after the Mumbai attacks, something that was not triggered by the financial crisis, is playing on the emotional reaction of immediate news and the notion that Chinese wages declining as a percentage of GDP is a disaster, hides the fact that massive GDP growth makes this inevitable.
Nevertheless, unless this time is different, history will repeat itself and there will be some very dangerous political consequences of the global recession and some of those may take place under our noses.