The aim of this paper is to analyze the current phase of the global crisis that began in the United States in 2007 as a financial crisis linked to sub-prime mortgages. The current phase, which began during the last quarter of 2008, is characterized by the interaction of the financial crisis -far from having been overcome- and the deepening and universal expansion of the recession in production. I will go into this in greater detail further along. Section 2 summarizes my position about the nature of the global crisis. Section 3 presents a proposal about the stages this crisis has already gone through. Section 4 examines the advance of the recession in the world economy; and Section 5 focuses on the development of deflation. Finally, Section 6 presents some conclusions and perspectives for the future.