Russian sabre rattling, Georgia, Gaza, Congo etc. A recurring theme amongst the chattering classes, is that depressions lead to war. Well, we don't know whether this will be a depression, but the possibility is there.
The scariest of these conflicts are when the backers of these little tinpot conflicts are superpowers - The US, and China and Russia have enough nukes to singe enough eyebrows to be "super"powers.
One particularly nasty little flashpoint which has this potential is the Korean peninsula; it was looking like being pretty much sorted, but then this:
North Korea renounces agreements with South Korea in challenge to US
Richard Lloyd Parry
North Korea renounced diplomatic and military agreements with South Korea today, a move that could lead to a new round of skirmishes along the border between the two states, in a calculated shot across the bows of the new US Government.
The country’s state news agency announced the nullification of political and military agreements between Pyongyang and Seoul, including a deal governing the disputed sea border where two deadly naval confrontations have taken place in the past ten years.
“The confrontation between the north and the south in the political and military fields has been put to such extremes that the inter-Korean relations have reached the brink of a war,” said the statement on the Korean Central News Agency. “The group of traitors has already reduced all the agreements reached between the north and the south in the past to dead documents. Under such situation it is self-evident that there is no need to remain bound to those north-south agreements.”..............