Risking a Great Depression

The new Great Depression is arriving. At Least, the risk is greater than at any time in the past twenty years. An alarming indication of the new economic world is the outbreak of financial panic in a wide variety of-geographic and economic settings. Financial analysts have simply lumped them together in the category 'emerging market', and blithely assumed that they all have the same problem. From the hubris of the first half of the 1990s, with all the talk about an 'Asian miracle', there is a dramatic swing back to gloom and despair. So it is Asia first, then South Africa, then Russia, Venezuela, then perhaps Brazil or another large Latin American economy - and then where! How many dominoes are there then left to fall! And what happens to our ring of roses after we all fall down?