Is there going to be a crisis?

Could cu rrent developments in the global economy eventually lead to a severe crisis? We believe the following should be monitored closely: The situation of emerging countries with external deficits, which will deteriorate quickly if capital continues to flow out of these countries; The slowdown in the Chinese economy, which seems to be quite generalised . It is dangerous given the very high level of debt in China; The economic and political situation in Italy, which is clearly the “weak link” in the euro zone . It could trigger a fresh euro-zone crisis; Asset prices that seem to reveal the presence of a bubble : real estate in the United States and Japan; The US external deficit and the ability of the United States to finance it.