Hi Ron, The latest developments in international markets (few inter-connection u'hv beautifully highlighted), wud lead 2 another ever growing global systematic risk, much of the legislation being made in recent past like Basel counter cyclical buffer, Liquidity ratios, centralized Counterparty for OTC trading, CVA /DVA adjustment, solvancy II rules, Dod act and many more etc, would all lag to highlight JUMP 2 Crisis behaviour of sovereigns. I reckon de up coming mounting pressure b again on Europe including Germany, n China Russia US n offcourse gulf b out of trouble in early years due to large manufacturing base, Huge inside potential, n indeed potential 2 transfer the endangers 2 other economics.