All

Your bogus economic dogma of “growth via the wealth effect” created the demographic karma that will bring down the status quo. What happens when you bleed your workforce while enriching those who already own assets with one bubble after another, all in the name of “fostering growth”?

Blowback has its own dynamics, as we’ll learn in the decade ahead.
One of the most durable expectations in the financial sphere is that inflation will drop sharply in a recession and the Federal Reserve will lower interest rates back to near-zero.

In a real recession, what seemed safe and rock-solid melts into air.
We haven’t had a real recession in forty years (1981-82) and so only those who were in the workforce back then have any experience of how far and how fast things we think are solid can unravel.

So what’s changed? Everything, but mostly beneath the surface churn of circus and theater.
2023 is echoing 1973 in potentially consequential ways.

Everything’s abstract until it happens to us.
Dominoes falling are abstractions until one falls on you. Lines of dominoes toppling are an apt analogy to highly centralized systems that are tightly bound, that is, all the transactions that flow through the centralized hubs are interconnected, so when one domino falls, it topples chains of dominoes that then topple other chains.