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As the currency plummeted on Monday and Tuesday, however, the sanguine feeling that the economy was in for a difficult period but that there would be no major collapse began to disintegrate.
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Windows were blown out of the two-story building, and one corner of the structure was badly damaged but there was no major collapse.
Bank profits in Asia have plunged and some have had to raise extra capital but there have been no major collapses and no bailouts.
"There will be a major collapse of fisheries in the South China Sea if something isn't done," McManus said in a recent interview.
For this year's El Niño to truly rival its 1997 counterpart, there still needs to be "a major collapse in trade winds from August to November as we saw in 1997," Patzert said.
This is a major collapse now.
There was a major collapse in globalisation after the First World War.
"The oil price shouldn't be affected that much unless there's a major collapse in Baghdad".
The Redcar steel plant, controlled by the Thai-based group SSI, was the first major collapse last September, with the loss of 2,200 jobs.
"There had been several major collapses — Napster being the largest but also other services like imeem — that had grown and ultimately failed.
Emergent behaviour in complex systems has already been explored in popular fictional media, in which predicted outcomes are spectacular but somewhat discouraging [ 21]; however, even without quite such an apocalyptic scenario, we may well see a rising incidence of total system failures due to unpredictable nonlinear behaviour – that is, major collapses triggered by small unforeseen causes.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com