- The U.S. soft patch turns into a hard landing.
- The crisis in Europe intensifies with Greece defaulting and contagion spreading.
- A steeper than expected Chinese economic slowdown.
- Escalating tensions in the Middle East. Just days after the Cairo attack on the Israeli embassy, look who’s coming to town: Turkey PM Erdogan who is described on page A10 of today’s WSJ as “the new Gamal Abdel Nasser” (that is apparently how Egyptians view him). Looking back at history, that is a pretty scary description.
Vitus: Ok. I suppose Housing and Employment are subsumed by "Soft Patch". Soft Patch...