We take an updated look at the U.S. and China economic risks which are quite different. We’ll defer Europe to a future Podcast but will just note now that weakness in Europe is more and more pronounced. As mentioned last Podcast our own economic environment is recovering at a disturbingly slow pace. Global economic recovery and re-employment (much less new jobs creation in large numbers) will be years in the making with China facing a larger real estate bubble than the U.S. experienced in the 2008-2009 Great Recession.