I present this without comment---I

I present this without comment---I don't know enough to say more than that it sounds not unreasonable... Fabius Maximus: Summary: Here is a brief report with conclusions only. The situation is moving too rapidly and become too complex for explanations. This post describes the natural evolution of the trends I have written about for the past year, which are now reaching a climax. Not yet, but soon we will be able to see the shape of the new world ahead in the fog. As always, we lack the data or reliable economic theory to do more than speculate about these things. See the archive at the end for posts over the past year describing how we arrived at this difficult spot. An economic downturn has 3 stages, each with a different goal. 1. First Aid — prevent the economy from sliding into a depression. 2. Treatment — mitigate... [read full story]