Dr. Jack Rasmus explains why the global economic crisis that emerged in 2007-08 may now be entering a ‘3rd Phase’. Dr. Rasmus discusses what’s happening now with the economies in China, Japan, Emerging Markets (India, Indonesia, Brazil, Turkey, So. Africa and others), and Europe. Why is China on a long term growth slowdown path? Why is Japan’s USA-like central bank QE money injection policy failing to stimulate Japan’s real economy and leading to Japan’s ‘fourth dip’ recession since 2008? Why is Europe drifting toward deflation and its recovery stagnating, with France now the ‘bad boy’ economy of Europe? Why are the emerging market economies locked into a growing crisis, with massive capital flight flowing back to the west, falling currency values, and inevitable slowing economies? What are the possible ‘contagion effects’ between the three ‘stormfronts’—China, Emerging Markets, Eurozone—and how are ‘mutually amplifying’ feedbacks about to exacerbate problems in each—creating a three front global economic ‘perfect storm’? Finally, what might this ‘Emerging Economic Perfect Storm’ mean for the USA economy, once again slowing in 2014 after its latest ‘false start’ last summer? (For more on this topic, read Dr. Rasmus’s forthcoming March 2014 ‘Z’ magazine article, ‘The Emerging Perfect Storm’, his last October 2013 ‘Z’ article, ‘The Slowing Global Economy’, and shorter entries on his blog, jackrasmus.com, since January).