Strange Revelations

Here are the two paths as I see them from here:

Firstly the credit winter slowly thaws and spring restores confidence. Nothing will ever be the same again but relative prosperity and growth will begin again within four years. Governments around the planet will have a haircut (or more likely shearing) and there will be constant renewal of regulation, struggles against excessive inflation, and general aversion to any kind of wild west finance for a long, long time.

Worst Case.
Across America and Europe people will be eating ketchup sandwiches, grifting, scraping, wearing those cools gloves with no fingers and lots of holes in them, singing songs around burning garbage cans.

Russian land sailors and peasents will constantly be fighting off Teutonic knights in scary black armour, or seething asian hordes led by Ghengis Khan's great...great grandson John. Babylonian orgies of violence. Alexander Nevskies galore. People wandering into Arabian deserts. Bards, shamans, faith healers, barricaded farms...

Australia will probably just mandate that everybody watches mad max, picks their favourite character, and then emulates them.