Recession and China

Our economic system is going towards the perfect storm. The sub-prime mortgage disaster, the maxing out of credit cards, a dismal forecast in consumer spending, and the Fed fighting the credit crunch, recession cannot be far behind.

We might be lucky if it's only a recession.

On the contrary, we could get the kind of economic collapse that will make the last depression look like a tea party.

With friends like China, who needs enemies? China, a prime creditor, could call in some of this debt if they wanted to be mean.