Ambrose Evans-Pritchard fears a 30’s style-depression as trade dives around the world. Freight rates are down 95% and the BRICs are now looking like (we’ll let you fill in the blank…) The financial system has gotten some much needed therapy but the global real economy still has to go through its purge after a binge. It could be a long slog. Sell EUR/USD on rallies as a result, bit not until at least 1.37 (except for a punt).