How can the world recover from this economic slump?

  • One way or another, pretty much everywhere is moving in slow motion.
  • In the U.S., Europe, and Japan, promises of future social spending were made decades ago based on population and economic growth assumptions that did not happen. We have been funding those promises with debt growing far faster than population.
  • We need more tax revenue and less spending, and we’ll be fine.

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The biggest week for economic data in the month last week ended with no change — because markets had already changed. So, why lower rates? Chalk it up to the unending saga: the whole world slowing, deflationary, and now widespread breakage of faith that central banks can do anything about it.