China cut rates this week by 10 bps but that's like pointing a garden hose to a tire fire.

The housing market and credit impulse are all very poor. This looks desperate.

Next thing you know, everyone will buy all the houses and we'll be back to real communism.

Also from Goldman Sachs:

our subjective probability that the economy enters a recession in the next 12 months is the highest in the eurozone (60%) and the UK (35%) followed by the US (30%), Canada (30%), and Australia (25%).