My father studied economics in the midst of the great depression. One of the take aways was that we had very poor economic statistics going into ’29. His favorite example was that it was only discovered in retrospect that Freight Car Loadings had fallen off in February ’29 and the market didn’t get it until October. Now we have all sorts of leading and trailing indicators and the market gyrates in response to each statistical tick. So it seems we have come full circle and discovered than when we try to manage the known, the unknowns build up – actually gain tremendous energy in response to the control – and surprises us. The amazing thing is that we notice and try to incorporate what we learn and do better in the future. It certainly looks like we are in for a rough ride as our centralized systems run into serious difficulty. I’d say it is a good time to keep an open mind and recognize that it might be necessary to muddle through. I’m a pensioner living on a ‘guaranteed’ income wondering how much effort and fertilizer it would take to make my back yard a viable vegetable garden. :-0
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