You're looking at GFC, Mark II, nothing surer. Ever heard of the "dead cat bounce"? You've watched the dead cat bounce in 2010. Tighten your seatbelts, we're in for a rough ride in 2012, as the EU continues it's irrecoverable flat spin; as the US struggles to get off the ground again, weighed down by a MTOW exceeded by a large margin, in the form of 10+% unemployment; and as China's unsustainable climb is clipped, by engines that are throttled back by reduced world demand, and no longer running at full power.
The politicians like to brag about how they have control. As they say, there are 3 types of people in the world - those who make things happen, those who watch things happen; and those who wondered what happened. The political leadership of most countries falls into the 2nd and 3rd groupings.