The world economy rests on three legs, Asia, America, and Europe. The wheels are out of balance in China, in Japan they are close to falling off. America has been on life support since 2008, the oxygen keeping the patient alive has been Quantitative easing, a fancy word for printing money. This money has gone to make banks somewhat solvent, and funneled to the stock market. Its a game of musical chairs, and the band has not been paid and will stop playing at any moment. Europe is crippled by unimaginable debt. Greece is sure to default starting a cascade that will take Ireland, Spain, Portugal and possibly Italy into default. Of the three legs the Euro outlook is the best. Its just like GM, a reasonably productive company held down by impossible debt. For America, China and Japan, its a brand new day. Economies already on the edge are facing peak oil. This does not mean the world is out of oil, it means that demand exceeds supply and the peak of supply has passed. This scenario favors Europe in other ways. In 1973 the first oil crisis sparked a energy revolution in Europe. In north america we bought bigger cars. All the chickens are coming home to roost at the same time, and there is no way the coop can support them all. Buy farmland, move to Canada or Northern Europe.
Update June 13, it looks like I was being optimistic.
Update June 16, people get ready there is a storm a commin.
Update June 17, distribution fuel.
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Who is driving the train?