In other words, world aviation is in serious trouble.
Gee you are a real doom and gloom merchant aren't you? Elsewhere you state that because the real estate market is subdued in Australia we are about to fall into recession and now because EK lose money it is the same as another GFC.
You really need to take a deep breath. We may end up in recession but it is not a certainty. How does ONE airline lead to a GFC?