It's a reckoning. But is it a recession?

The U.S. economy is on the precipice of a double-dip. The Eurozone is dangling on the edge of a debt crisis. China's deceleration is sending jitters through commodity markets. And the global reckoning is happening all at once. The Dow has collapsed more than 500 points, tracking global stock nosedives across the world. As investors flee from equities, they're turning to bonds, sending U.S. Treasuries to historic lows.

What's going on? Business Insider's Joe Weisenthal snagged an awesome and informative presentation from Naufal Sanaullah at Shadow Capitalism that very clearly lays out the challenges facing the economy, from U.S. spending to international housing. Here is an excerpt.

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