How does the global economy avoid, at least, a significant decline? The three main engines are all falling and or at least sputtering. China has big problems centered on their real estate bubble. Europe is slowing and headed down. The US has mostly phony economic numbers to hide the deterioration going on dispite being temporarily propped up by the two large spending bills passed in the last year or so. Given all the govt. spending on infrastructure and mfg. it looks helpful, but remember almost all such govt.projects in the past, including subsidized corporate ones in green energy etc. end up as busts. They create many less jobs than promised, the projects often end up failing, the companies go bust and only the politicians and their friends end up benefitting. If we say Africa, India and South America may be doing better, they represent a much smaller total influence on global GDP, even if they are destined to gain share in the years to come. At best a recession, at worst a global depression, seems likely in the not too distant future.