For those wanting to hear the case for the bears ... this guy has been consistently negative for at least a couple of years ...so he has a polished spiel ..
fwiw ... my opinion is the problems are going to be US centric... it is the US which has the most pressing financial problems and it is their economy which is in trouble. A lot of talk has been about the huge debt China has run up in the last few years and that there is a lurking problem with its banking system [lots of non performing loans]. I think that's probably true but in the big picture the money has been used to fuel accelerated growth for the Chinese economy and personally I believe the Chinese can carry the debt load ... whereas the US has acquired the debt [over many years] financing wars, military spending and credit based consumption.... their industrial base has been hollowed out [with the middle class taking most of the pain...in China the middle class is growing rapidly as a component of their society]
For Australia ... our economy will be become ever more tied to the growth of Asia and although any collapse in the US [if that's what happens] will be very disruptive the transition of wealth from the US to Asia is going to continue... with Asia becoming the dominant economic region for the foreseeable future