I think he sees a drop in commodity prices as a global slowdown to be ineluctable. He has a few articles on Bretton Woods II, the system of pegged rates to the dollar from russia, GCC countries and Asia, and as that system fails the recession for those economies is likely to be huge too.

But I agree that he does not acknowledge that the recession from Japan had pretty much the same origins and was a real catastrophy. He does acknowledge it however in what he thinks the correct solutions are: no bail outs.

Rien n'est gratuit en ce bas monde. Tout s'expie, le bien comme le mal, se paie tot ou tard. Le bien c'est beaucoup plus cher, forcement. Celine