Is the entire 2011/12 season going to be cancelled?

David Stern is threatening to cancel the entire season if significant progress isn’t make this weekend.  Is he using this as a negotiating strategy, trying to scare the players into giving in or is he serious and are we days away from finding out that there isn’t going to be any professional basketball (I’m not counting the WNBA) for at least 13 months?

Personally I think he’ll announce the season is cancelled early next week if nothing gets done this weekend.  He’s not messing around and neither are the owners.  This is a terrible thought and I hope I’m wrong.  What do you think?