In this case, likely a big one.

That’s how these global crises tend to play out, though not before things become much worse than they are now, which is admittedly hard to imagine for most people. Not for me, nor most recently prescient economists, nor the NIE. The military (not just ours) will bail us all out! Stimulus!

Anyone who doesn’t consider the possibility is a fool.

Beware The Man.

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