According to the pundits the entire world is in for a prolonged period of recession although most qualify their predictions by saying that the US would suffer for only a short period and the US economy will start to improve from the second quarter of 2009. The US is in as much debt as Iceland, about three times its GDP, but whereas Iceland has declared bankruptcy the US is in the happy position of being able to print as many dollars as it likes. No one is explaining why, when the US has about $ 15 trillion dollars of deficit and is shortly going to lower interest rates to one percent, its currency is rising against all other currencies except the Japanese Yen. Oil prices have fallen to below $ 60 a barrel which is causing enormous problems for Iran. Iran may be unable to continue with its social welfare programmes giving rise to enormous resentment among its people. China's economy is also slowing down as demand in Europe and the US falls and increasing unemployment may spur the normally supine Chinese to rebel against the regime. A decade from now George Bush may be considered to have been the greatest President of all time for having caused the fall of both China and Iran. He will actually fall into greatness.