Nouriel Roubini, who correctly predicted the economic collapse, believes that the U.S. financial system is effectively insolvent. He also believes that we may be headed for what he calls an "L shaped depression" rather than a "U shaped recession". It is very bad news, indeed, if he is correct.

President Obama's "soak-the-rich" plan isn't going to help.

The latest information about the global economy is pretty sobering, and backs up Roubini's claims.

The economic crisis is reviving memories of Messrs. Smoot and Hawley. Just as President Obama and the Democrats are trying to bring us Socialism without calling it by it's true name, leaders around the world will bring us Protectionism, although it will be called by many other names.

For good measure, let's throw in two international wild cards. Will Israel attack Iran to prevent the Iranians from acquiring nuclear weapons? Will North Korea collapse? Either event would be terribly unsettling, and I predict both will happen.