Ambrose Evans-Pitchard thinks Asia will falter in 2011, just in time to smack us again.
Policy levers in the US, Europe, and Japan remain set on uber-stimulus with the fiscal pedal pressed to the floor and rates near zero everywhere, yet OECD industrial output has not regained the peaks of 2007-2008 by a wide margin. Leading indicators are tipping over again. We are one shock away from a liquidity trap.
His assessment is long and globally complete. I recommend reading it all.