It’s time to discuss the R-word. The R-word is the economic equivalent of those other “letter defined” words that you cannot say. That’s because talking about the R-word is unpleasant, distasteful, and is not suitable for speculation in esteemed economic circles.
That being said, it’s beginning to feel a little R-wordy. I say feel because you can’t really see an R-word coming, and neither can you hear it. It invades the economy like a bad cold virus. It does its work in secret, much below the radar, until it becomes burdensome to everyone....More