How about the more prosaic “Dubai overspent”?
harbinger, schmarbinger.
http://www.housingmarketnews.net/images/resets.jpg
"Investopedia explains Option Adjustable-Rate Mortgage - Option ARM
"Since many option ARMs offer a low teaser rate, many mortgagors unknowingly refinance their present mortgage in hopes of making lower payments. Unfortunately, once these short-term teaser rates expire, the rates of interest are returned back to those similar to conventional mortgages.
Furthermore, for those unlucky mortgagors that elected to make minimum payments, they will find that the principal owed on their mortgage has actually increased. This is because the value of minimum payments did not entirely cover the mortgage's interest. The uncovered interest would then be added to the mortgage's principal."
http://www.investopedia.com/terms/o/option_ARM.asp
It's gonna be ugly.
The way the US Gov is going, they will probably offer another massive bailout of these defaulters, putting us deeper in debt and making them beholden to the Gov. If we haven't imploded by then.
About the food problems
http://www.marketskeptics.com/2009/11/stage-1-of-dollas-collapse-pressure.html
End Times, End Times, I just can’t get away from those End Times. In the 60’s it was the End Times, but didn’t happen. Then in the 70’s it was the End Times again (with Nostradamus added for good measure!), but somehow we made it to the 80’s and, sure enough—End Times! featuring Gorbachev and his birthmark. Then we partied like it was 1999 because the End Times were coming again, well not quite, but never fear, it’s always the End Times somewhere and some peoples’ job is to help you find the End Times no matter what decade or year!
Oh, and happy 2012!