All this mayhem is very similar to what we have seen in Latin America and in Asia in recent decades. It is driven initially by inflation. This is what China must act to contain. So far, it has not. So the odds of a hard landing remain high.

In recent experience, any report that shows Germany's economy faltering has been bad for the euro,

They talk about the failure of socialism but where is the success of capitalism in Africa, Asia and Latin America?

My grandmother and my mom and my aunt Aurelia, my grandmother Juanita, my mom Lucia - we lived on the outskirts of a barrio in Mexico City called Tepito, and Tepito for many, many decades was the largest barrio in Mexico and perhaps even Latin America.

The peoples of Asia, Africa, and Latin America have common interest and are in the position to support each other in their anti-imperialist and anti-U.S. struggle. As long as Africa and Latin America are not free.

Latin America has much richer resources. You'd expect it to be far more advanced than East Asia, but it had the disadvantage of being under imperialist wings.