Global economies are reeling under the overhang of huge quantitative easing that central banks undertook, primarily the US Fed to revive economies post the 2008 crisis. Coupled with China's slowdown this domino effect seems inextricable. The dizzying heights achieved by commodity exporting countries reached were the result of insatiable demand shown by China. Today the scenario has reversed with China's growth plateauing & declining resulting in much pain across continents. It is pertinent to note that major economies are taking it on the chin with India no exception though in a relatively better position due to domestic economy. Structural reform is unlikely in Europe as its very existence as a homogeneous entity is in doubt. The measly growth exacerbated by the migrant influx, aging population & welfare benefits outgo make for depressing economic conditions. Brexit has all the makings of creating mayhem in world markets. Japan has been in the throes of deflation for a while & the BoJ has set negative interest rates thereby indicating pain is making the BoJ anxious. The US seems to be crawling its way out but a change in leadership is bound to create ripples. South America might see pockets of hope with new leaderships in Argentina & Venezuela & Colombia finding peace after decades though Brazil is tottering & no immediate end in sight. Oil-rich Middle East has been engulfed in violence & depressed oil prices has resulted in economies taking an enormous hit. Amidst all the gloom & doom, India seems relatively calm though export driven sectors are bound to be hit. The biggest fear now is the scale & depth of Chinese slowdown & its effects on world economy. The Chinese central bank has assured of modest renminbi depreciation but further devaluation cannot be ruled out in order to secure their exports. This would have a cascading effect & force competitive devaluation by other Asian economies. The remedy, perhaps, lies in extinguishing debt overhang, particularly in bigger economies. One estimate puts private corporate debt in China at 160% of GDP, a worrisome proposition. Given the fact that negative interest rates are widely prevalent in Europe & Japan, inflation is least of the worries. One possible growth trigger would be an increase in oil demand resulting in a steady rise in oil prices. However, countries are now actively reducing fossil fuel usage due to environmental concerns. Tough times call for tough measures irrespective of political fallout. But does today's political class have it in them to execute such surgery?