As the western world moves into either a 'soft-patch' or even a double-dip recession, you have to wonder where-to from here. Deleveraging seems to have surpassed our assumptions of an expansion in income. You could in fact argue that central-bank stimulus hasn't worked. Global growth, corporate earnings and end-of-year index projections have, generally, been revised lower. Currency intervention is prevalent but ineffective. It's becoming difficult to see what else can ...