Credit is shrinking in the US
, which will make companies spend less, initiating a vicious circle that might end up in recession.
However, there might be a difference with the last one. My (absolute layman) impression is that as global ties get tighter, the role of a single actor in the economy is diminished; what's the size of the US commerce as compared to global? It's probably much smaller than it was, and the single noticeable effect of this US recession might be a de-coupling of US and global economy.
Or it might mean R for everybody. Who knows..