Actually, an increasingly popular threat I'm reading in financial blogs is, yes, the world will undergo a humdinger of a recession veering toward depression in some cases. The US will suffer the effects more and longer. The reason is simple in the minds of financial bloggers: The US economy is not viable in the emerging world asset accumulation. Our economy is is by and large one that does not produce tradeable goods and services. What we do is consume whereas other nations (China for instance) produce stuff that can be sold to other nations.
Bloggers now are saying the absence of tradeable goods and services will make our recession much more severe than the balance of the world. We've been able to hold up our standard of living because of the dollar's reserve currency status. Lose the status and life changes dramatically for the worse in the US. This weekend the US hosts a big lip fest of 20 some odd countries over the economic meltdown. It ain't on the agenda but will be discussed over cocktails is the subject of a new reserve currency. China is howling for one. A number of oil countries are playing around with alternates. Wall street wants a crack at arab wealth while the arabs are not interested in infidel finance law. They will want shiria law to frame financial regs. So yeah, people are concerned. Human nature will ensure change to the status quo.
"Given a choice between good intentions and human nature, I'll go with human nature every time."--Me, 2002.