With global growth expectations for 2014 having just collapsed to new lows...
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...and on the heels of mixed inflation data last night in China (and stubbornly low-flation in Europe), Saxobank's Steen Jakobsen explains in this brief clip how, thanks to massive over-building and now over-capacity, China is in fact exporting its deflation to the rest of the world - most problematically Europe.
What is more worrying for all the optimists, Jakobsen argues that both the Eurozone and China are at the centre of a slowing world economy which will see stagnation for the immediate future and ECB action, or lack of it, can't do a thing to change the status quo.