That is what Nouriel Roubini is calling it. He predicts widening financial contagion across the banking and financial systems, and a prolonged U-shaped recession of the US and global economies. Don’t count on deposit insurance, he says, the FDIC will go broke. Interestingly, he sees this as a signal of the demise of three other key pillars of post-war American life – the end of America’s global empire, the unravelling of the Bretton Woods global monetary system, and the decline of the suburban way of life. Martin Kenney calls for a global New Deal. I agree. It will also take a new global spatial fix which can overcome the limits of spiky globalization and provide a workable alternative to the McMansions and SUVs suburban model- not just new models for housing but for stimulating consumption in ways that bolster the creative economy.