Nice wrap-up of the situation , somehow my appreciation of the situation turns around similar views like many others perceive the situation as well . But somehow even though the reality is unstable and still critical i feel the main engines of the economies have reved up enough to sustain global growth at the present level , pretty much like the article says and not all economies are sustainaing the same level of risk in terms of future growth .

I believe deleveraging between Oecd countries and emerging economies as in fact started with this crisis rather then before as the crisis was proof . Not to say that all links have been cut but it's slowly happening under the impact of the crisis and deleveraging will not create two different worlds the reality is much more complex then black and white or good and evil .

I think bail outs across the planet has in fact somehow borrowed and canceld a part of future world growth in exchange for cancelling a disastous situation created out of building up debt and concentrationg growth artificialy in some part of the world where production could not sustain such growth , mainly in the US and the UK for middle class people living the dream of richer people buying unaffordable house mainly paid out of foreign poorer's people hard work .

Sometime we don.t have the means of our dreams and we should recognise that for a fact before we venture on life threatening expedition , but wiseness is an uncommon thing and apperances lure people in all sorts of directions , and in our societies whole industries are selling dangerous dreams to indolent people whatching blury screens .

If this thing ( crisis ) does'nt turn sour ( crash war what else... ) then maybe it will make most of us stonger as societies and more more focus on our realities , like some of those tough people immigrating in our countries coming from the low land of their own societies . I don't mean the rough and ugly violent ones praying on their peers , i'm talking about the hard work , family dedicated folks living their destiny and accepting it with resilience and dignity , finding their dreams inside themselves rather then on TV .

I'm optimistic about the future of the markets though very cautious , that's why i'm into gold and a little oil alt. ener. and some other more frivoulous things so as to spread some of the risks and bet on the future as well .