I'll have a go Johnny. Firstly great perspective on the current situation. Where I think the bear case gains traction is that though there is a natural demand from the emerging economies there is also a very frail banking sector which is too opaque making banks & governments nervous. The close affiliation of questionable sovereign debt to the shadow banking system has crossed the comfort line IMO. Someone has to pay for the excesses of profligate spending & malinvestment. Who's it going to be? The market is going to flush the culprits out. That's why company fundamentals won't be enough to hold up stock prices because the problem is at the sovereign level.
