If fashion is a kind of religion, (and it wouldn't be the first time someone has compared the two), it awaits salvation at the other side of an economic depression.
Through the bad times, the industry gets it's saints. Who can forget the magnificent moment of the Marc Jacobs grunge collection which gave fashion a second coming enough to sustain our belief, well, until now really?
So, we're waiting. Except that we must accept that we could be waiting a long time and when it arrives it may not be recognisable at first. It certainly wont be this year. None of the grad shows from 2009 showed any of the originality or vision present in the McQueen/McCartney years of tough times and heroin chic. The central st martins ma show was good, it was fine actually, but the creations were variations on christopher kane/marios schwab. all too familiar. it all could have been adapted and toned down to be sold in topshop unique.
Another sign that the zeitgeist is not quite ripe enough for a complete rebirth is the current vogue for 90s grunge. Before we get to a new scene, we have to tire completely of the old, but at the moment, the old looks pretty good (which is why the above pic looks so good). If the recurrence of double denim (gap just dropped an a/w collection of this) isn't a symptom of fashion's need for a change, then i dont know what is.
We must have faith for a bit longer.