The global economy: A perfect storm?

You know how it is with buses? You wait ages for one, far longer than seems reasonable - and then three arrive all at once. Financial crises are a bit like that too.
   
The financial crisis everybody in the business has really been waiting for is a "hard landing" of the Chinese economy, now one of the two motors of the global economy. (The other is still the United States.) Everybody thought it was bound to come eventually - well, everybody who was not too heavily invested in the Chinese market - and it now appears to be here, although the Chinese government is still denying it.
   
The second crisis, less widely anticipated, is a credit crunch that is sabotaging economic growth in almost all the developing countries except India. In many cases, their currencies have fallen to historic lows against the dollar, making it harder for them to repay the dollars they borrowed. Moreover, it's getting harder for them to earn dollars from their exports because commodity prices have collapsed.
   
And a third crisis is looming in the developed economies of Europe, North America and Japan, which can see another recession looming on the horizon before they have even fully recovered from the effects of the banking crash of 2007-2008. And it's hard to pull out of a new recession when your interest rates are still down near zero because of the last one.
   
These crises are all arriving at once because they are all connected. When the huge misdeeds and mistakes of American and European banks caused the Great Recession of 2008, China avoided the low growth and high unemployment that hurt Western countries by flooding its economy with cheap credit. But that only postponed the pain and between 2007 and 2014, total debt in China increased fourfold.