There is good reason to think that treating Brazil's crisis as merely a temporary setback on the road to recovery is to ignore a potentially more ominous Big Picture - that the event represents another loop in a deflationary spiral that could dampen the world's economic prospects for years to come.

CNN: BRAZIL'S BOMB

The dollar is on the verge of becoming the latest event feeding in to the loop as its rise simply speaks to elevating pressures on the financial system.

FORBES: Confidence Shot As Investors Question 'Kick The Can' Strategies