2008 was the year of the defaults of failing banks -- Bear Stearns, Lehman -- and failures. 2009 was the year of the bailouts of failing banks and car companies. 2010 is shaping up to be the year of failing countries. Each year, the financial damage is worse than the preceding year.
As I've been saying for years, the world is in a deflationary spiral, as the massive real estate and credit bubbles continue to deflate. (Anyone who says we're facing superinflation is an idiot. See Ambrose Evans Pritchard's analysis.)
That means that everyone is "deleveraging," and each month there's less money in the world than there was the month before. As that process continues, there's less and less money to support failing banks, failing car companies, and failing countries. It's only a matter of time before some event triggers a massive worldwide panic. The timing can't be predicted, but the result is 100% certain. Deleveraging = Deflation ... Things you need will inflate, those you don't will deflate, in a huge way.