The Crash of '29, The Great Depression, plunging commodity prices, currency wars, trade wars, world war. Now, four score and six years later: The Panic of '08, The Great Recession, plunging commodity prices, currency wars. 

Are trade wars and world war next?

Commodity prices' continuing downward dive is indisputable evidence of a deteriorating global economy. For many, the Great Recession is depression. The equation is simple: there's a glut of product and not enough people with enough money to buy them.

And today – just as it was prior to World War II when countries were denounced for devaluing their currencies to gain competitive export advantage – world reaction to China's recent yuan devaluation continues to intensify.