This is a great article, with the possible exception of Harry's claim that China will fall the hardest. China does not subscribe to Basel accords. Therefore it does not mark to market. The owner of China's big corporations is also its central bank! But otherwise, this is a very sobering article:
http://www.talkmarkets.com/content/us-markets/the-next-financial-crisis-is-starting-in-emerging-markets?post=193766&uid=4798