The US stock market is closed today but will tomorrow bring about a true global collapse?

Stocks plunge world wide and Dow Jones futures are already down 550 pts at 1:30 EST.

The US dollar has been in a long slide.

Now bond market insurers, $2.5 trillion in the municipal-bond market, are also looking at massive write offs and downgrades.

The economists' consensus on the Bush economic stimulus: too little and too late.

Capital protection via trade agreements and the free flow of foreign investment, capital, I now wonder if the playing differing domestic economies (PPP) off of each other game is coming home to roost.

We hear about the housing bubble, but is there a capital bubble?

Finally one astute observation:

Global wage arbitrage is a far bigger economic force now than during the bulk of Japan's deflationary years.

Someone is finally connecting this crash to globalization.

Oh, here's a scary fact, consumption accounts for 70% of US GDP currently.