But failing in 2008 more likely would have caused a recession, What happens next will likely be 2008 with a multiplier. Nothing has structurally changed. We hav

But failing in 2008 more likely would have caused a recession, What happens next will likely be 2008 with a multiplier. Nothing has structurally changed. We have a bunch more debt globally. Most of the problem children are treading water and many getting into a worse position. I think we're heading for either 1) A pretty solid crash where a bunch of banks and pension funds are going to get smashed by the domino effect of finace going low risk or 2) High inflation (not hyper) as nations increase current monetary policy tactics to try and revive things ongoing, eroding value of wages/cash savings followed by a bigger crash. And the elephant in the room for me is US/China national debt. The economies are so influential the world over. For US most forecasts have it stabilising at existing levels (relative to GDP). I just can't see strong economic growth to back up debt growth, or a desire for fiscal responsibility with existing political candidates. You'd need incredibly strong conviction (and political majority/backing) to pull back hard on required social/military spending to achieve this. And a vision for the future. I see the current candidates as short term responders. For trivia the last president to reduce national debt during their term was Calvin Coolidge!