Brown trousers time
According to the BBC: Chinese growth is falling. Now, you might say, wow, 7.6% growth (however much of that is real), but China has been growing much faster than that recently. Given it's scale, its importance to the world economy, China doesn't actually have to go into recession in order to cause a great deal of damage. Here's former Aussie PM Kevin Rudd explaining why. Couple this with warning squeaks from Germany and we may be seeing the world crisis move into a new phase: first the shock, then the slow down. Bob alone help us if China goes into negative growth (or, such negative growth that it can't massage the stats to look positive). I have my tins of beans and sacks of porridge ready.