At the end of this century, historians will take a long look backwards at the events of 2008 and how it ushered in a period of either (1) the new Golden Age, or (2) WWIII: the rise of facism.
Every major industrial power is at the end of their financial ropes. A few more financial disasters and the entire financial global market is ready to come crumbling down. The question we must ask ourselves is how can we force the governments of these industrialized countries to save the markets and, in turn, save the world.
Let me take a look at the US and Japan. Since these two countries are the top two global markets (ranked in terms of real GDP), it makes sense to see what troubles lie at the hearts of these nations.
USA:
1) The Democrats are clearly in power in D.C. but, you can bet your last dollar that the GOP is going to wage both a horrendous PR campaign battle, and if need be, hire a bunch of thugs to push the Democrats out of power. Will there be blood shed? I believe so.
2) The auto industry is dead. With the GOP refusing to help restructure the industry, you can expect massive riots to put the safety of the entire country at the mercy of a free and open society based on gun ownership. Expect lots of killings.
3) The weakening dollar. If you think the greenback is getting crushed, wait until 2010. We might see a dollar so low that it is completely worthless.
Japan:
1) The LDP lose control of the reins of government. The era of the LDP ends with PM Aso. The new PM of Japan, Ozawa will need approximately 25 years to undo many of the crappy LDP policies that are affecting the country.
2) South Korea and China attack Japan and seize strategic islands with their vast natural resources in their economic zones.
3) Japan renounces its stance on warfare and begins building a huge arsenal of high-tech weaponry and ends its rebuilding with the denotation of not 1 but 3 nuclear tests in the Pacific.
Odds on US solving its problem and ridding the country of the hardcore wing of the GOP: 5-2.
Odds on Japan solving its problem and ridding the country of the LDP: 2:1.
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