The economy and markets have moved into a situation as unstable as pre-Lehman, although unlike 2008 with a chance for a good outcome, a turn in the Great Recession.The forces and actors are a mystery to the media and most analysts, confounding many of the actors themselves. Some things are in plain sight: The 10-year T-note has nose-dived to 2.34 percent because of economic fear and anticipating new Fed intervention. Mortgages are falling toward an unthinkable 4 percent.The economy is sputtering along, but running out of time: The recession has cut federal tax revenue by almost $500 billion annually, and we must ignite the economy to close that part of the deficit gap before the Treasury loses its ability to borrow. From 1929-1932, the world's central bankers attempted to stave off disaster by applying proven wisdoms: balanced budgets, hard money, the gold standard, fixed exchange rates, insisting that debtors repay, and allowing runs to collapse banks to restore moral hazard and ma...
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