It may all end in tears, or worse

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Without Chinese economic reform, global recovery may be doomed | Business | guardian.co.uk .

I note Larry Elliot, in his column this morning, touched on a theme I addressed yesterday, quoting what is generally thought to be a right wing source:

The banks are still in a weak state, markets are febrile, the public mood is sour. [Charles Dumas of Lombard Street Research] is concerned that by late 2010 or early 2011 there will be a second leg to the global downturn, this time with political as well as economic ramifications. If he's right, things will then get very nasty indeed. As I said, enjoy it while it lasts.

This is the real risk of the next stage of the recession; that there will be serious political spill over.

I share the concern.