1930's again - yes says Lagarde

"There is no economy in the world -- whether low-income countries, emerging markets, middle-income countries or super-advanced economies -- that will be immune to the crisis that we see not only unfolding but escalating,"

It is not a crisis that will be resolved by one group of countries taking action," she said at the State Department in Washington. "It is going to be hopefully resolved by all countries, all regions, all categories of countries actually taking some action."

If the international community fails to come together as one, the risk is economic "retraction, rising protectionism, isolation," Lagarde said. "This is exactly the description of what happened in the 1930s, and what followed is not something we are looking forward to."

IMF Managing director Christine Lagarde

Read more: http://www.upi.com/Business_News/2011/12/16/IMF-head-World-faces-1930-type-Depression/UPI-83971324024200/#ixzz1gharW2RA

Hard to be optimistic with this kind of forecast from the IMF.