The problem with the global economy is falling consumer demand.
Consumer demand is falling because people are buying less.
People are buying less because wages have been stagnant for 30 years. Wages have not kept pace with productivity for 30 years. It is as simple as that. Everything else is just a symptom of this root problem.
The entire system of globalization was based upon a model where China and India are the world's source of cheap labor and the U.S. is the world's consumer market. It was based on assumptions that America's over-consumption was a good thing and that it was going to last indefinately. The only problem with their system is that the reason American was able to be such a thriving market during the 20th century was because we had good jobs where our wages kept pace with our productivity. Then they outsourced all our good jobs, and consumer demand went into freefall. Now they are calling a "crisis" what many economists have for years called the predictable consequences of bad economic policies.
Now this morning, we read that wages are falling again, this time on purpose as a response to the "crisis", by the same people who created this situation in the first place. Cutting wages and jobs is only going to lower consumer demand even more and make the situation worse for working Americans.