Deep State First, Part 3: Crashes First, Recessions Later

Let us repeat: Financial crashes cause recessions, not vice versa. So if you are waiting for NBER (National Bureau of Economic Research) or even some unusually enlightened Wall Street economist to call recession before exiting the casino, well, get prepared for some very bad hair days. The old fashioned sequence of causation, of course, was that stock markets don’t crash […]
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