The weakest dominoes are the submerging markets which have been completely left behind since 2008, when the "miracle" of Globalized trickle down growth stopped working. An advent totally ignored by Globalization's cheerleaders. The BRICs turned to Bricks overnight.
Ponzi schemes collapse from the bottom to the top. Those at the top are always the last to know.
The developed world must do penance for monetizing poverty instead of trying to fix it before it spread globally.