If the 'economic system' is really heading for collapse as the pro-bailout fear-mongers suggest, what are the next dominoes to fall?
Here's one view:
washingtonpost.com
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Americans fail to understand that they are facing the real prospect of a decade of little or no economic growth because of the bursting of a credit bubble that they helped create and that now threatens to bring down the global financial system.
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There are two ideas here. The first is 'slow or no growth'. Maybe this wouldn't be a tragedy at all, but a great blessing. We would get some breathing room to work on some of the pressing problems of our day. The second is a vague Armageddon threat - I'll ignore this.
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They'll come to understand that the giant sucking sound they hear is of a massive deleveraging of the global economy and the global financial system as households, governments, businesses and investment funds adjust to living in a world with less debt and more inflation.
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Less debt? Wonderful! More inflation? How does a slow- or no-growth economy result in inflation? There are some dominoes missing here - can anyone fill them in?
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And they will come around, reluctantly, to the understanding that the only way to get out of these situations is to have governments all around the world borrow gobs of money and effectively nationalize large swaths of the financial system so it can be restructured, recapitalized, reformed and returned to private ownership once the crisis has passed and the economy has gotten back on its feet.
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There are some dominoes missing here, too. Can anyone fill them in?
I'm more than willing to be terrified, if necessary, but I'd like my terror to have a rational basis if possible. 
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