Global economy teeters on the brink - Nov. 9, 2011

• Without a white knight to step in and save the day, will we all go down together?

NEW YORK (CNNMoney) -- Europe is heading for recession. China is battling its own economic demons. And with the United States also facing problems at home (9% unemployment anyone?), it's hardly in a position to help.

Without a white knight to step in and save the day, will we all go down together?

"The global economy has entered a dangerous and uncertain phase," cautioned International Monetary Fund Managing Director Christine Lagarde this morning in Beijing.