Not many things would have to go wrong before the world economy slid into a 1930s-style recession, with problems in the financial markets adding to the downward economic spiral. We are in uncharted waters.
And if the world does move into recession, which is a growing possibility, or suffers from a prolonged period of slow growth, which looks very likely, there is a serious risk of corporate and bank failures, as well as foreign debt defaults.
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