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I suspect that we are headed for a period of wild swings up and down. Even during the Great Depression there were periods where the market made big swings upward. The instability of the market erodes confidence. People start holding back on spending, which exacerbates the economic slowdown and then it becomes a downward spiral.

The central banks can’t have to much ammunition to continue to kick the can down the road. Woe to the Fed Chairperson who has to tell the Anointed One that there are no more economic bullets in the gun.