The world economic order is collapsing and this time there seems no way out

``Andy Haldane, Bank of England chief economist, describes the unfolding pattern of events as a three-part crisis... Now act three is beginning, but in countries much less able to devise measures to stop financial contagion and whose banks are more precarious. For global finance next flooded the so-called emerging market economies (EMEs), countries such as Turkey, Brazil, Malaysia, China, all riding high on sky-high commodity prices as the China boom, itself fuelled by wild lending, seemed never-ending....''