So rather than the US crashing in 2008 and bringing down the world, we have the world crashing and its anybody's guess what will happen to the US.
A major warning from the most reliable bellwether of the world economy
South Korean exports plunged 14.7% in August from a year ago. This was much worse than the 5.9% decline expected by economist. And it was the biggest drop since August 2009 This is a troubling sign as Korea's exports represent the world's imports. Because it is the first monthly set of hard economic numbers from a major economy, economists across Wall Street dub South Korean exports as the global economic "canary in the coal mine." Korea is a major producer of goods ranging from automobiles and petrochemicals to electronics like PCs and mobile devices. "The country has long been a reliable bellwether," ... (full story)