&gt; at the same countries like India who import and depend heavily on crude are having good times (relatively).<p>That&#x27;s not really true. If you want to scare yourself look up what the &quot;baltic dry index&quot; is and what level it&#x27;s at. Other transport indices (e.g. free space in harbours, train freight, ...) are all down hard.<p>Whatever the cause, but America and Europe have slowed down in ... pretty much everything they do. Goods transport is the clearest indication of that, but far from the only one. Somehow building in the US and Europe (and India) is down. A lot of economic activity is down in fact, the exception for now is very large debt-free services corporations.