I tuned into FeverIAm this morning and watched his video Don't Panic! The "Next Stage" is Officially in print!
The first link he provides is from the telegraph and talks about the third stage of the global economic crisis. The first was the financial markets, the 2nd was the credit crunch, and now they are citing the 3rd stage as according to Samuel Johnson of the IMF "where governments start to topple under the weight of this debt."
Basically the debt has moved from the private sector to the public sector. In the next two years we could see AAA credit ratings stripped from the likes of the US and the UK. Ouch, this could send investment out of these countries and further squeeze their economnies. The big squeeze is on.